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Real Estate Licensing Virginia Real Estate Salesperson - Virginia-Real-Estate-Salesperson Exam Practice Test

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Total 125 questions

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Question 1

The duty of obedience does not include requests or instructions that are:

A. ethical and legal but not advisable B. unnecessary C. illegal or unethical in any way D. not put in writing

Correct Answer: C

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Question 2

If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:

A. tenant in partnership B. limited partner C. tenant in common D. general partner

Correct Answer: B

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Question 3

What is the difference between assemblage and plottage?

A. Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value. B. Assemblage involves combining parcels of land, and plottage involves splitting parcels of land. C. Assemblage is the first step in creating a new subdivision, and plottage is the second step. D. Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.

Correct Answer: A

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Question 4

Which of the following is TRUE?

A. Virginia does not enforce rent control. B. Virginia enforces rent control state-wide. C. Virginia does enforce rent control, but only in large cities. D. Virginia does enforce rent control, but only for commercial properties.

Correct Answer: A

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Question 5

Which of the following is NOT an option that a seller has after receiving a counteroffer?

A. reject the offer in writing B. accept the offer C. allow the offer to expire D. discharge the contract

Correct Answer: D

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Question 6

The relationship between a property manager and the property owner is most comparable to that of a:

A. salesperson with their broker B. stockholder with the board of directors of a corporation C. tenant with a landlord D. cashier with the owner of a store

Correct Answer: A

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Question 7

A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

A. This alternative to foreclosure is handled by legal representatives known as "friends of the court." B. This alternative to foreclosure is an option only available to friends or family of the lender. C. This alternative to foreclosure requires the agreement and cooperation of both lender and borrower. D. This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.

Correct Answer: C

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Question 8

In Virginia, the grantor tax rate is currently $0.50 per $500 of the sales price. How much would the taxes be on a $756,000 home purchase?

A. $756 B. $1,512 C. $7,560 D. $15,120

Correct Answer: A

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Question 9

A licensee could be found liable for all of the following EXCEPT:

A. attempting to conceal a known latent defect B. failure to disclose an unknown latent defect in an inaccessible location C. failure to disclose a latent defect that the licensee should have reasonably known D. failure to disclose a known latent defect to the buyer

Correct Answer: B

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Question 10

In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?

A. residential and commercial B. broker and assistant broker C. sales agent, broker, and property manager D. broker, salesperson, and firm

Correct Answer: D

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Page: 1 / 13
Total 125 questions

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