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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is a marketable title?

A) the official opinion of an attorney regarding the condition of a property's title
B) a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
C) constructive or actual notice of real property ownership
D) an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances

2. All of the following are examples of legal descriptions of property EXCEPT:

A) SW 1/4 of NW 1/4 of NE 1/2 of T3N R4E of Meridian 16
B) 8647 Notting Hill Drive, Berkshire, Colorado 52467
C) Lot E, Block 14 of West Lake Village, Orange County, Texas
D) Lot A, Block 2 of Shady Tree Subdivision, Madison County, Wisconsin

3. You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:

A) a three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago
B) a three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago
C) a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago
D) a three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago

4. Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

A) 14 days
B) 10 days
C) 5 days
D) 21 days

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

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

Solutions: