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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:

A) a three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago
B) a three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago
C) a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago
D) a three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago

2. Which of the following is NOT an option that a seller has after receiving a counteroffer?

A) allow the offer to expire
B) reject the offer in writing
C) discharge the contract
D) accept the offer

3. In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:

A) broker
B) property
C) tender
D) seller

4. A form of insurance that protects the policyholder by covering any losses they might incur as a result of theft or fraud by specified individuals is:

A) a security bond
B) a liability bond
C) a risk management bond
D) a fidelity bond

5. A partially amortizing loan will include:

A) multiple lenders
B) a balloon payment
C) equal monthly payments that contribute to both principal and interest until the
D) non-refinancing clauses

Solutions: