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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) ownership in severalty
B) joint tenancy
C) tenancy by the entirety
D) tenancy in common

2. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $45,000
B) $3,500
C) $10,500
D) $36.000

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

4. A partially amortizing loan will include:

A) equal monthly payments that contribute to both principal and interest until the
B) non-refinancing clauses
C) multiple lenders
D) a balloon payment

5. An licensee in Virginia writes an online ad. It MUST include all of the below:

A) the licensee's name, the name of the firm in which the licensee is active, the city and state in which the licensee's place of business is located, and the licensee's phone number
B) the licensee's name and the name of the firm in which the licensee is active
C) the licensee's name, the name of the firm in which the licensee is active, and the city and state in which the licensee's place of business is located
D) the licensee's name, and the city and state in which the licensee's place of business is located

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