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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord is a:

A) gross lease
B) net lease
C) ground lease
D) percentage lease

2. How is a promissory note secured?

A) by referencing a security instrument
B) by the attachment of a mortgage-backed security
C) by the statute of frauds
D) by the disbursement of funds

3. What is a management proposal?

A) a report prepared by the property manager that informs the property owner(s) of their property's expenses, income, and disbursements
B) a budget for variable expenses
C) a subdivision plan that includes residential dwellings along with nonresidential real estate
D) a plan a property manager creates for managing a property, including an analysis of the market, financial standing, and operating budget

4. Why does the state require real estate professionals to obtain a license?

A) to comply with federal occupational licensing law
B) to protect the public interest
C) to create revenue for the state
D) to ensure collaboration with other state agencies regulating real estate

5. A partially amortizing loan will include:

A) non-refinancing clauses
B) equal monthly payments that contribute to both principal and interest until the
C) multiple lenders
D) a balloon payment

Solutions: