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

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

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?

A) A nonjudicial foreclosure was necessary because Mindy holds the title.
B) A nonjudicial foreclosure was necessary because a trustee holds the title.
C) A judicial foreclosure was necessary because the lender holds the title.
D) A judicial foreclosure was necessary because Mindy holds the title.

2. What is unique about an exclusive right-to-sell listing agreement?

A) The broker gets compensation regardless of who sells the property.
B) There are multiple brokers working to sell the same property.
C) The broker acts as a general agent for the client in all business dealings.
D) The broker represents both the seller and the buyer.

3. Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?

A) sole ownership
B) tenants in common
C) community property
D) joint tenancy

4. Which of these describes a leasehold estate?

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

5. Which of these is likely to be the lien with the highest priority?

A) mechanic's lien
B) tax lien
C) attachment lien
D) mortgage

Solutions: