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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. In order to protect the public interest, Virginia requires real estate professionals to get licenses. What kinds of licenses are offered?

A) sales agent, broker, and property manager
B) residential and commercial
C) broker, salesperson, and firm
D) broker and assistant broker

2. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?

A) A judicial foreclosure was necessary because Mindy holds the title.
B) A nonjudicial foreclosure was necessary because Mindy holds the title.
C) A judicial foreclosure was necessary because the lender holds the title.
D) A nonjudicial foreclosure was necessary because a trustee holds the title.

3. 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) $756
B) $15,120
C) $7,560
D) $1,512

4. In Virginia, how many years do records need to be kept for?

A) two years
B) five years
C) three years
D) one year

5. In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

A) intermediaries
B) single agents
C) appraisers
D) dual agents

Solutions: