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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What does the VRLTA aim to do?

A) establish uniform laws to regulate leasehold interests and improve leasing practices in Virginia
B) regulate landlord maintenance practices for industrial warehouses across the United States
C) regulate owner-occupied REO properties in Virginia
D) monitor commercial leasing practices in Virginia

2. A legally competent party to a contract will:

A) not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
B) be literate and not be mentally incompetent or intoxicated by drugs or alcohol
C) have reached the age of majority and be literate
D) have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol

3. If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:

A) general partner
B) tenant in common
C) tenant in partnership
D) limited partner

4. Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?

A) No, but it depends solely on her credit score.
B) No, her down payment is large enough to avoid PMI.
C) Yes, her down payment does not meet the requirements to eliminate PMI.
D) Yes, PMI is required until she reaches 50% equity.

5. Which of the following provides the BEST explanation for why disclosure of material facts is required?

A) The material a property is made of can influence its value.
B) If known, they could cause a buyer or seller to take a different course of action.
C) All facts related to a real estate transaction must be disclosed.
D) Not all material facts are readily discernible.

Solutions: