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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Which of these is a reason a borrower might be offered a subprime loan by a lender?

A) Federal funds rates are high.
B) The borrower's credit report includes numerous delinquencies.
C) A borrower's credit score is too high.
D) The home is in a low-income neighborhood.

2. You're doing a CMA, and your three adjusted comps come in at $345,600, $352,800, and $359,900. What is a reasonable range to suggest for a listing price?

A) $330.000-$345,000
B) $360.000-$375,000
C) $345.000-$360.000
D) $300,000-$330,000

3. In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

A) appraisers
B) intermediaries
C) dual agents
D) single agents

4. Which of these describes a leasehold estate?

A) Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
B) Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.
C) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
D) Jung owns a building. He lives upstairs and runs the store downstairs.

5. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?

A) net listing
B) exclusive right-to-sell agreement
C) exclusive agency agreement
D) open listing

Solutions: