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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:
1. How is a promissory note secured?
A) by the disbursement of funds
B) by the attachment of a mortgage-backed security
C) by the statute of frauds
D) by referencing a security instrument
2. A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:
A) This alternative to foreclosure is handled by legal representatives known as "friends of the court."
B) This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.
C) This alternative to foreclosure is an option only available to friends or family of the lender.
D) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
3. If a partner is only an investor and only has liability up to the amount of their investment, they are considered a:
A) general partner
B) tenant in partnership
C) tenant in common
D) limited partner
4. In Virginia, how many years do records need to be kept for?
A) two years
B) five years
C) one year
D) three years
5. Rosa is trying to get approved for a loan so she can purchase a new home. What type of value will the lender use to determine whether or not to approve Rosa's loan?
A) market value
B) insurable value
C) appraised value
D) assessed value
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: C |
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