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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:
1. Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?
A) community property
B) joint tenancy
C) sole ownership
D) tenants in common
2. A home is being sold "as is." Evaluate this situation.
A) The seller is indicating that they believe their home to be in pristine condition.
B) The seller is planning to tear down the house before closing.
C) The seller does not have to disclose any defects to the buyer.
D) The seller is signaling that they do not want to do any repairs, regardless of what is found in the inspection.
3. The government sends Ken a notice stating that his house and neighborhood will be demolished to build a much- needed water treatment plant. What is the government required to offer Ken in exchange for taking his property?
A) whatever they decide is reasonable
B) nothing, since it is for the public good
C) just compensation
D) whatever Ken asks for
4. Which of these ownership concepts gives each co-owner the right to possession of the whole property?
A) undivided interest
B) sole proprietorship
C) unity of time
D) equitable interest
5. What is a building permit?
A) written permission from the government to seize private property for public use
B) document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law
C) legal document from a local authority that authorizes a construction or remodeling project
D) document that permits changing the zoning of one small area within the existing zoning
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: C |
By Les
