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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The four phases of an environmental site assessment are, in order:

A) investigation, testing, remediation, management
B) management, investigation, testing, remediation
C) remediation, investigation, testing, management
D) testing, investigation, remediation, management

2. An licensee in Virginia writes an online ad. It MUST include all of the below:

A) the licensee's name, the name of the firm in which the licensee is active, the city and state in which the licensee's place of business is located, and the licensee's phone number
B) the licensee's name and the name of the firm in which the licensee is active
C) the licensee's name, the name of the firm in which the licensee is active, and the city and state in which the licensee's place of business is located
D) the licensee's name, and the city and state in which the licensee's place of business is located

3. Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

A) dirty title
B) clean title
C) skinny title
D) naked title

4. What are mortgage-backed securities?

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

5. A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?

A) $2.450,000
B) $4,130,000
C) $3.250,000
D) $1,300.000

Solutions: