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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?

A) $1,300.000
B) $4,130,000
C) $2.450,000
D) $3.250,000

2. When must a lender provide borrowers with a Closing Disclosure?

A) on the day of closing
B) at least five business days after consummation of the loan
C) at least three business days before the consummation of the loan
D) at the end of the closing ceremony

3. Alana is renting a three-bedroom home for one year. Alana is the:

A) tenant or lessee
B) holdover tenant
C) tenant or lessor
D) optionor

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

A) The REB reports to HUD, while the FHB does not.
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) They are the same thing.
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.

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

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

Solutions: