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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

A) This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.
B) This alternative to foreclosure is an option only available to friends or family of the lender.
C) This alternative to foreclosure is handled by legal representatives known as "friends of the court."
D) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.

2. Clarence owns three rental homes he doesn't have time to oversee himself. He decides to hire George to take care of his rental units in the hopes of maximizing the return on his investment. What role is George filling?

A) sponsoring broker
B) appraisal manager
C) property manager
D) broker's agent

3. What is one way that a contract for deed differs from a standard real estate sales contract?

A) A contract for deed includes a section about a flip tax.
B) A contract for deed's purchase price section details the buyer's payment plan to the seller.
C) A contract for deed has the purchase price in it.
D) A contract for deed includes a financing clause.

4. Why does the state require real estate professionals to obtain a license?

A) to create revenue for the state
B) to protect the public interest
C) to ensure collaboration with other state agencies regulating real estate
D) to comply with federal occupational licensing law

5. 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) just compensation
B) nothing, since it is for the public good
C) whatever they decide is reasonable
D) whatever Ken asks for

Solutions: