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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is a management proposal?

A) a subdivision plan that includes residential dwellings along with nonresidential real estate
B) a plan a property manager creates for managing a property, including an analysis of the market, financial standing, and operating budget
C) a budget for variable expenses
D) a report prepared by the property manager that informs the property owner(s) of their property's expenses, income, and disbursements

2. Why do lenders need liquidity?

A) so loans can be packaged together to create MBSs
B) to qualify for FHA insurance
C) so they can put their money in long-term assets
D) so they have the funds to originate more loans

3. What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?

A) escheat
B) variance
C) eminent domain
D) police power

4. When an individual hails a cab and tells the driver where they want to be taken, that passenger has entered into what kind of contract?

A) express
B) implied
C) unilateral
D) written

5. Norah just purchased a warehouse with dimensions of 25 ft. by 15 ft. She wants to carpet the floor. How many square YARDS of carpet does she need?

A) 80 sq. yds.
B) 41.67 sq. yds.
C) 125 sq. yds.
D) 375 sq. yds.

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