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

2. In Virginia, what is the difference between the REB and theFHB?

A) They are the same thing.
B) The FHB is responsible for the enforcement of the fair housing law for real estate licensees. The REB is responsible for all other violators.
C) The REB reports to HUD, while the FHB does not.
D) The REB is responsible for the enforcement of the fair housing law for real estate licensees. The FHB is responsible for all other violators.

3. Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A) undivided interest
B) sole proprietorship
C) equitable interest
D) unity of time

4. The EGI of a building is $300,000. The operating costs are $30,000.
What is the NOI of the building?

A) $332,000
B) $270,000
C) $264,000
D) $215,000

5. Which of the following is TRUE?

A) Virginia does not enforce rent control.
B) Virginia does enforce rent control, but only in large cities.
C) Virginia does enforce rent control, but only for commercial properties.
D) Virginia enforces rent control state-wide.

Solutions: