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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A legally competent party to a contract will:

A) have reached the age of majority and be literate
B) not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
C) be literate and not be mentally incompetent or intoxicated by drugs or alcohol
D) have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol

2. Which of these describes a leasehold estate?

A) 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.
B) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
C) 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.
D) Jung owns a building. He lives upstairs and runs the store downstairs.

3. According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?

A) one month's rent
B) two months' rent
C) six months' rent
D) $2,000

4. A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?

A) $1,300.000
B) $4,130,000
C) $3.250,000
D) $2.450,000

5. The title of a fee simple determinable estate reverts automatically if title conditions are violated. How do fee simple condition subsequent estates compare?

A) If title conditions are violated, condition subsequent estates require Supreme Court action, specifically, for estate ownership to revert.
B) Ownership of condition subsequent estates reverts automatically, as it does with determinable estates.
C) If title conditions are violated, condition subsequent estates require legal action for estate ownership to revert.
D) Ownership of condition subsequent estates reverts automatically, as it does with determinable estates, but it takes longer to process.

Solutions: