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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Your client is buying a home. At closing, they pull you aside and whisper that the documents they're being asked to sign don't match the Closing Disclosure - suddenly, there are thousands of dollars of new fees. Is this a red flag for predatory lending? Why or why not?

A) No. As long as the title company has no objections, it doesn't matter if the Closina Disclosure and the real closina documents match.
B) Yes. The fees should match what was on the Closing Disclosure. Otherwise, that's a major red flag.
C) No. It's normal for lenders to have significant last-minute changes to their fees.
D) Yes. No client should be paying fees at closing. Those should always be pre-paid to the lender at least three days in advance.

2. Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A) unity of time
B) sole proprietorship
C) undivided interest
D) equitable interest

3. 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) broker, salesperson, and firm
D) sales agent, broker, and property manager

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

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

5. 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) $300,000-$330,000
B) $360.000-$375,000
C) $345.000-$360.000
D) $330.000-$345,000

Solutions: