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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:

A) tender
B) seller
C) broker
D) property

3. What are mortgage-backed securities?

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

4. Which of these describes a leasehold estate?

A) Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.
B) Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
C) Jung owns a building. He lives upstairs and runs the store downstairs.
D) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.

5. What is a management proposal?

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

Solutions: