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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The title of a fee simple determinable estate reverts automatically if title conditions are violated. How do fee simple condition subsequent estates compare?

A) Ownership of condition subsequent estates reverts automatically, as it does with determinable estates.
B) Ownership of condition subsequent estates reverts automatically, as it does with determinable estates, but it takes longer to process.
C) If title conditions are violated, condition subsequent estates require legal action for estate ownership to revert.
D) If title conditions are violated, condition subsequent estates require Supreme Court action, specifically, for estate ownership to revert.

2. Marty, who is not a real estate agent, owns a duplex. He lives in one unit and rents out the other. He turns down a\family with small children as tenants because he doesn't want to deal with noise. Evaluate the situation.

A) Marty has violated the Fair Housing Act on grounds of parental status protections.
B) Marty has violated the Fair Housing Act on grounds of familial status protections.
C) Marty has done nothing wrong. This housing situation is exempt from the Fair Housing Act.
D) Marty has violated the Fair Housing Act on grounds of marital status protections.

3. Why do lenders need liquidity?

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

4. What is the difference between assemblage and plottage?

A) Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
B) Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
C) Assemblage is the first step in creating a new subdivision, and plottage is the second step.
D) Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.

5. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?

A) Janay only needs to take and pass the state portion of the licensing exam.
B) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
C) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.
D) The REB will require Janay to take a special licensing course for out-of-state residents.

Solutions: