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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is one way that a contract for deed differs from a standard real estate sales contract?

A) A contract for deed includes a section about a flip tax.
B) A contract for deed includes a financing clause.
C) A contract for deed has the purchase price in it.
D) A contract for deed's purchase price section details the buyer's payment plan to the seller.

2. Clarence owns three rental homes he doesn't have time to oversee himself. He decides to hire George to take care of his rental units in the hopes of maximizing the return on his investment. What role is George filling?

A) broker's agent
B) property manager
C) appraisal manager
D) sponsoring broker

3. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $36.000
B) $3,500
C) $10,500
D) $45,000

4. Which listing agreement allows multiple real estate brokers (and the owners themselves) the right to sell the property, with a commission being paid to whoever is the procuring cause of the sale?

A) exclusive agency listing
B) net listing
C) exclusive right-to-sell listing
D) open listing

5. The four phases of an environmental site assessment are, in order:

A) remediation, investigation, testing, management
B) management, investigation, testing, remediation
C) testing, investigation, remediation, management
D) investigation, testing, remediation, management

Solutions: