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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. In Virginia, the grantor tax rate is currently $0.50 per $500 of the sales price. How much would the taxes be on a $756,000 home purchase?

A) $756
B) $7,560
C) $1,512
D) $15,120

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

A) This alternative to foreclosure is handled by legal representatives known as "friends of the court."
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 only takes place when the foreclosure sale buyer is a friend or family member.

3. You're doing a CMA, and your three adjusted comps come in at $345,600, $352,800, and $359,900. What is a reasonable range to suggest for a listing price?

A) $345.000-$360.000
B) $330.000-$345,000
C) $360.000-$375,000
D) $300,000-$330,000

4. What are mortgage-backed securities?

A) promissory notes that reference a security instrument
B) the rights to real property being held by one party for the benefit of another
C) notices that acknowledge a borrower's debt to the lender and promise to repay the holder of the note
D) investment instruments that have packaged mortgages as collateral

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

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

Solutions: