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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Why do lenders need liquidity?

A) so loans can be packaged together to create MBSs
B) to qualify for FHA insurance
C) so they have the funds to originate more loans
D) so they can put their money in long-term assets

2. Lola has an easement that allows her to cross her neighbor's back lot to reach her home. It runs with the land. What kind of easement does Lola have?

A) easement in gross
B) easement appurtenant
C) easement by prescription
D) easement for light and air

3. The consummation of a real estate sale is known as the:

A) signing of the contract
B) closing
C) option period
D) offer and acceptance

4. A type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord is a:

A) ground lease
B) percentage lease
C) net lease
D) gross lease

5. What would make claims based on a contract unenforceable?

A) specific performance, rescission, and forfeiture
B) mutual assent, lawful objective, and reality of consent
C) assignment, mediation, and arbitration
D) the statute of limitations and doctrine of laches

Solutions: