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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. 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 marital status protections.
B) Marty has violated the Fair Housing Act on grounds of familial 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 parental status protections.

2. A form of insurance that protects the policyholder by covering any losses they might incur as a result of theft or fraud by specified individuals is:

A) a risk management bond
B) a liability bond
C) a fidelity bond
D) a security bond

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

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

4. In Virginia, the grantor tax rate is currently $0.50 per $500 of the sales price. How much would the taxes be on a $756,000 home purchase?

A) $15,120
B) $1,512
C) $7,560
D) $756

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

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

Solutions: