Virginia Real Estate Exam Prep

VA Salesperson Practice Exam

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Virginia Sample Practice Real Estate Exam Questions and Answers

Virginia State Section

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Question 1

What is homestead protection?

A	Net cash remaining to investor after sale of investment property
B	Gradual subsidence of waters, leaving dry land
C	The estimated value that an asset will have at then end of it's useful life
D	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.

Question 2

What tenancies does Virginia allow?

A	Neither
B	Both
C	Joint tenancy
D	Tenancy by the entirerty

Question 3

Is Virginia a community property state?

A	Yes
B	No

Question 4

In what circumstances, if any, can a broker in Virginia who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	In most circumstances, except when the buyer and seller are related
B	None; the broker may only collect compensation from one party to a transaction
C	Only when both buyer and seller give informed consent to this arrangement
D	Only when both buyer and seller have legal representation

Question 5

Does Virginia have homestead laws?

A	No
B	Yes

Question 6

Does Virginia allow Holographic wills?

A	No
B	Yes

Question 7

Does Virginia have dower laws?

A	No
B	Yes

Question 8

Mortgage "discount" points only apply if which of the following conditions are met?

A	The seller has agreed to pay 1% of the closing costs
B	The loan does not close and the buyer owes the lender for services rendered
C	The interest rate on the mortgage loan has been lowered by 2% for each point charged
D	The interest rate on the mortgage loan has been lowered by 1% for each point charged

Question 9

What is a holographic will?

A	a standard boiler plate will.
B	a will that displays in 3D
C	a will and testament that has been entirely handwritten and signed by the testator.
D	a will that has been approved by each family member.

Question 10

Which of the following is a landlord's option for a tenant not paying the rent?

A	shut off the power
B	shutoff the gas
C	unlawful detainer action in court
D	lock the tenant out of the apartment

Question 11

Which of the following isn't part of a deed?

A	novation
B	Premises
C	Habendum
D	acknowledgement

Question 12

The Salesperson license fee costs how much?

A	$160.00
B	$150.00
C	$170.00.
D	$125.00

Question 13

Which is not necessary for a valid contract?

A	due date
B	offer
C	legal object
D	acceptance

Question 14

Which of the following is required for an applicant to receive a Real Estate License?

A	Must sit and pass the required exam
B	Must have lived in the state for more than a year
C	Must be 25 or older
D	Must have a Bachelors degree

Question 15

An easement by prescription may establish:

A	use of property
B	a claim to title
C	homestead rights
D	who owes back taxes

Question 16

What term means "going to the state?"

A	escheat
B	Eminent Domain
C	police power
D	Taxation

Question 16 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

Question 17

Does Virginia allow reciprocity with other states?

A	Yes
B	No

Question 18

The license law is administered by:

A	The commission for Real Estate
B	Virginia Department of Real Estate
C	The Real Estate Board
D	Virginia Real Estate Commission

Question 19

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Buyer
C	Lessor
D	Lessee

Question 20

Which of the following would not put a sales person in jeopardy of losing their license in Virginia?

A	Convicted of a felony
B	Placing an ad claiming to be a broker when they are not.
C	Depositing his/her clients escrow money into a personal account
D	Being authorized to accept and excessive commission.

Question 21

How soon can a broker receive a commission check after a closing in Virginia?

A	Once the seller agrees to the price.
B	After the transaction is completed and funded.
C	When the Buyer moves in.
D	Once the offer sheet is signed.

Question 22

Standing trees would be considered:

A	Personal Property
B	Emblements
C	Chattels
D	Real property

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VA Salesperson Practice Exam

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