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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. In Virginia, the grantor tax rate is currently $0.50 per $500 of the sales price. How much would the taxes be on a $756,000 home purchase?

A) $7,560
B) $756
C) $15,120
D) $1,512

3. The purpose of discount points is:

A) to lower the property value for purposes of tax savings
B) to lock in an interest rate for a specified time prior to closing
C) to lower the interest rate over the life of the loan
D) to lower the amount due at closing

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

5. Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

A) dirty title
B) skinny title
C) naked title
D) clean title

Solutions: