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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. Who regulates fair housing advertising?

A) ECOA
B) HUD
C) CRA
D) HMDA

3. A home is being sold "as is." Evaluate this situation.

A) The seller does not have to disclose any defects to the buyer.
B) The seller is planning to tear down the house before closing.
C) The seller is signaling that they do not want to do any repairs, regardless of what is found in the inspection.
D) The seller is indicating that they believe their home to be in pristine condition.

4. Stigmatized properties are properties:

A) that are exempt from ad valorem taxes
B) with market prices far exceeding other similar properties within an area
C) with suppressed market value due to something that happened on or to the property, rather than the physical condition or features of the property
D) with suppressed market value due to their physical condition or features

5. The subject property has a pool valued at $30,000 and two bathrooms valued at $10,000 each. Comp 1 does not have a pool and has one less bathroom than the subject property.
What adjustments should be made to Comp 1's value?

A) subtract $40,000 from Comp 1's value
B) add $20,000 to Comp 1's value
C) subtract $20,000 from Comp 1's value
D) add $40,000 to Comp 1's value

Solutions: