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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. An opinion of title, a certificate of title, a Torrens certificate, and title insurance are all examples of:

A) evidence of title
B) cloud on a title
C) chain of title
D) equitable title

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

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

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

4. A leasehold agreement where the base rent changes is called a:

A) percentage lease
B) lease-purchase agreement
C) variable lease
D) net lease

5. Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A) general partnership
B) limited partnership
C) corporation
D) sole proprietorship

Solutions: