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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) Janay only needs to take and pass the state portion of the licensing exam.
B) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
C) The REB will require Janay to take a special licensing course for out-of-state residents.
D) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.

2. Which of these describes a leasehold estate?

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

3. In Virginia, how many years do records need to be kept for?

A) three years
B) five years
C) two years
D) one year

4. The purpose of discount points is:

A) to lower the amount due at closing
B) to lower the interest rate over the life of the loan
C) to lock in an interest rate for a specified time prior to closing
D) to lower the property value for purposes of tax savings

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

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

Solutions: