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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Alana is renting a three-bedroom home for one year. Alana is the:

A) holdover tenant
B) tenant or lessee
C) tenant or lessor
D) optionor

2. Which of the following is a unique quality of limited service agents in Virginia?

A) Limited service agents can assist in both residential and commercial transactions.
B) Limited service agents can assist in commercial transactions ONLY.
C) Limited service agents can assist in neither residential nor commercial transactions.
D) Limited service agents can assist in residential transactions ONLY.

3. In Virginia, the grantor tax rate is currently $0.50 per $500 of the sales price. How much would the taxes be on a $756,000 home purchase?

A) $7,560
B) $15,120
C) $756
D) $1,512

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

5. A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

A) This alternative to foreclosure is an option only available to friends or family of the lender.
B) This alternative to foreclosure is handled by legal representatives known as "friends of the court."
C) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
D) This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.

Solutions: