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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 requires the agreement and cooperation of both lender and borrower.
C) This alternative to foreclosure is an option only available to friends or family of the lender.
D) This alternative to foreclosure is handled by legal representatives known as "friends of the court."

2. Harry, an agent, transfers some money from an escrow account into his personal savings accounts. What is he doing and is it legal or illegal?

A) This is commingling, and it is illegal.
B) This is conversion, and it is illegal.
C) This is conversion, and it is legal.
D) This is commingling, and it is legal.

3. The four phases of an environmental site assessment are, in order:

A) investigation, testing, remediation, management
B) management, investigation, testing, remediation
C) testing, investigation, remediation, management
D) remediation, investigation, testing, management

4. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) ownership in severalty
B) joint tenancy
C) tenancy by the entirety
D) tenancy in common

5. Which of these is a naturally occurring radioactive gas that emanates from rocks, soil, and water and can cause lung cancer?

A) chlorofluorocarbons
B) carbon monoxide
C) chlordane
D) radon

Solutions: