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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. 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.

2. Which of the following is a unique quality of limited service agents in Virginia?

A) Limited service agents can assist in neither residential nor commercial transactions.
B) Limited service agents can assist in both residential and commercial transactions.
C) Limited service agents can assist in residential transactions ONLY.
D) Limited service agents can assist in commercial transactions ONLY.

3. What is the difference between assemblage and plottage?

A) Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
B) Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
C) Assemblage is the first step in creating a new subdivision, and plottage is the second step.
D) Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.

4. The VRLTA applies to:

A) anyone who owns more than two rental properties
B) anyone who owns more than five rental properties
C) anyone who owns one property
D) anyone who owns a commercial property

5. Which of the following is correct about implied and express contracts?

A) Implied contracts can be legally binding, while express contracts cannot.
B) Express contracts explicitly state the terms of the contract, while implied contracts are established by the parties' actions.
C) Implied contracts explicitly state the terms of the contract, while express contracts are established by the parties' actions.
D) Express contracts can be legally binding, while implied contracts cannot.

Solutions: