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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) tenancy in common
B) ownership in severalty
C) tenancy by the entirety
D) joint tenancy

2. What is unique about an exclusive right-to-sell listing agreement?

A) The broker gets compensation regardless of who sells the property.
B) The broker acts as a general agent for the client in all business dealings.
C) The broker represents both the seller and the buyer.
D) There are multiple brokers working to sell the same property.

3. What is a building permit?

A) document that permits changing the zoning of one small area within the existing zoning
B) written permission from the government to seize private property for public use
C) legal document from a local authority that authorizes a construction or remodeling project
D) document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law

4. Which of these types of loans can always be sold on the secondary mortgage market?

A) loans originated by Fannie Mae
B) jumbo loans
C) non-conforming loans
D) conforming loans

5. What is the difference between assemblage and plottage?

A) Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
B) Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
C) Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
D) Assemblage is the first step in creating a new subdivision, and plottage is the second step.

Solutions: