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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The subject property has a pool valued at $30,000 and two bathrooms valued at $10,000 each. Comp 1 does not have a pool and has one less bathroom than the subject property.
What adjustments should be made to Comp 1's value?

A) subtract $40,000 from Comp 1's value
B) add $20,000 to Comp 1's value
C) subtract $20,000 from Comp 1's value
D) add $40,000 to Comp 1's value

2. What are mortgage-backed securities?

A) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
B) promissory notes that reference a security instrument
C) investment instruments that have packaged mortgages as collateral
D) the rights to real property being held by one party for the benefit of another

3. What do ostensible agency and agency by estoppel have in common?

A) They both arise when a third party correctly believes that agency exists between a principal and an agent.
B) They are both forms of third-party agency no longer recognized in the U.S.
C) They both arise when a third party is ted to mistakenly believe that agency exists between a principal and an agent.
D) They both concern a third party's decision to go unrepresented in a transaction.

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

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

5. Randy and Joe were married, then divorced. Joe got the house in the divorce settlement. When he later goes to sell it, a title company tells him there's a cloud on the title due to the divorce. What is most likely to resolve this cloud?

A) requiring Joe to put some earnest money in escrow
B) filing the deed with the county
C) putting a mechanic's lien on the property
D) having Randy sign a quitclaim deed

Solutions: