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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The subject property has a pool valued at $30,000 and two bathrooms valued at $10,000 each. Comp 1 does not have a pool and has one less bathroom than the subject property.
What adjustments should be made to Comp 1's value?

A) add $20,000 to Comp 1's value
B) subtract $20,000 from Comp 1's value
C) subtract $40,000 from Comp 1's value
D) add $40,000 to Comp 1's value

2. If a condo owner is selling their unit, which of these documents should they present to a buyer?

A) Closing Disclosure
B) resale certificate
C) Loan Estimate
D) HUD-1

3. Any non-natural structure built on or affixed to land is an:

A) encumbrance
B) appurtenance
C) improvement
D) emblements

4. Marty, who is not a real estate agent, owns a duplex. He lives in one unit and rents out the other. He turns down a\family with small children as tenants because he doesn't want to deal with noise. Evaluate the situation.

A) Marty has violated the Fair Housing Act on grounds of parental status protections.
B) Marty has violated the Fair Housing Act on grounds of marital status protections.
C) Marty has done nothing wrong. This housing situation is exempt from the Fair Housing Act.
D) Marty has violated the Fair Housing Act on grounds of familial status protections.

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

Solutions: