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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The VRLTA applies to:

A) anyone who owns more than five rental properties
B) anyone who owns more than two rental properties
C) anyone who owns a commercial property
D) anyone who owns one property

2. Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?

A) broker
B) assistant broker
C) appraiser
D) salesperson

3. Which environmental law requires federal agencies to prepare environmental impact assessments and statements before undertaking a potentially impactful act?

A) The Clean Air Act
B) The National Environmental Policy Act
C) Resource Conservation and Recovery Act
D) The Clean Water Act

4. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $10,500
B) $3,500
C) $45,000
D) $36.000

5. Which of these describes a leasehold estate?

A) Jung owns a building. He lives upstairs and runs the store downstairs.
B) Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.
C) Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
D) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.

Solutions: