Real Estate Licensing Virginia Real Estate Salesperson Exam Questions Instant Access

Question 1

You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:

Aa six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago

Ba three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago

Ca three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago

Da three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago

Answer : B

When preparing a Comparative Market Analysis (CMA):

The best comp is most similar in location, age, size, and features.

Timeliness matters (more recent sales are preferred), but similarity in property type/size carries greater weight.

Analysis of options:

(A) Six-bedroom, new build = too dissimilar.

(B) Same size, age, and location --- best match, though sold 2 years ago.

(D) Closer in time but has fewer bedrooms/baths and is older.

Thus, (B) is the closest comparable.

Virginia Real Estate Principles & Practices -- CMA and appraisal methods

Real Estate Exam Prep -- Valuation & Market Analysis

Question 2

Which of the following is a unique quality of limited service agents in Virginia?

ALimited service agents can assist in neither residential nor commercial
transactions.

BLimited service agents can assist in residential transactions ONLY.

CLimited service agents can assist in commercial transactions ONLY.

DLimited service agents can assist in both residential and commercial
transactions.

Answer : D

In Virginia, a limited service agent is a licensee who enters into a brokerage agreement that provides fewer services than a standard brokerage agreement.

The law requires that the agent's limited duties must be disclosed in writing.

These agents can operate in both residential and commercial transactions, not just one type.

Other options:

(A) Wrong --- They can assist in both.

(B) Wrong --- Not limited to residential.

Code of Virginia 54.1-2138.1 (Limited service agent defined)

Real Estate Board Regulations, 18 VAC 135-20-300

Question 3

Which environmental law requires federal agencies to prepare environmental impact assessments and statements before undertaking a potentially impactful act?

AThe Clean Air Act

BThe Clean Water Act

CResource Conservation and Recovery Act

DThe National Environmental Policy Act

Answer : D

The National Environmental Policy Act (NEPA) (1970) requires federal agencies to:

Assess environmental impacts of major federal actions.

Prepare Environmental Assessments (EAs) and Environmental Impact Statements (EISs).

Other laws:

(A) Clean Air Act -- regulates air pollution.

(B) Clean Water Act -- regulates water pollution.

NEPA, 42 U.S.C. 4321 et seq.

Virginia Real Estate CE Curriculum -- Environmental Laws

Question 4

Which of these is likely to be the lien with the highest priority?

Amortgage

Btax lien

Cattachment lien

Dmechanic's lien

Answer : B

Real estate tax liens (property taxes and special assessments) take highest priority over all other liens, regardless of recording date.

Priority order:

Property tax liens

Special assessments

Mortgages (by recording date)

Mechanic's liens (priority may vary but generally after taxes/mortgages)

Other options:

(A) Mortgage -- common lien but lower than tax lien.

(D) Mechanic's lien -- priority can date back to start of work, but still after tax liens.

Code of Virginia 58.1-3340 et seq. (Real estate tax liens)

Virginia Real Estate Principles & Practices -- Liens and Priority

Question 5

Alex is supposed to decide by 6 p.m. Tuesday if she wants to exercise her option to terminate the purchase agreement of the home she is buying. Alex can't make up her mind, but on Wednesday, 10 a.m., she finally makes a decision: She wants to terminate. Can she?

AYes, because the phrase 'subject to' is included in the contract.

BNo, because the phrase 'as is' is included in the contract.

CNo, because the phrase 'time is of the essence' is included in the contract.

DYes, because the phrase 'caveat emptor' is included in the contract.

Answer : C

In Virginia real estate contracts, when the phrase ''time is of the essence'' is included, all deadlines must be met exactly as stated.

Alex's right to terminate expired at 6 p.m. Tuesday.

By waiting until Wednesday 10 a.m., she missed the deadline.

Therefore, she cannot terminate the contract.

Other options:

(A) ''Subject to'' refers to contingencies, not deadlines.

(B) ''As is'' refers to property condition, not timing.

(D) ''Caveat emptor'' means buyer beware, not about contract timing.

Reference (Virginia Real Estate):

Code of Virginia Title 11 -- Contracts

Virginia Real Estate Principles -- Contract law, contingencies & time requirements

A490-02REGS.pdf -- Contracts section

Question 6

Per se violations are:

Aacts that are NOT considered inherentty illegal

Bacts that are in violation of the TCPA

Cacts that are in violation of CAN-SPAM

Dacts that are considered inherently illegal

Answer : D

In antitrust law, a per se violation is an act that is considered inherently illegal, regardless of intent or outcome.

Examples in real estate:

Price-fixing (brokers agreeing on commission rates).

Market allocation (dividing territories or clients).

Group boycotts (agreeing not to deal with a competitor).

These acts automatically violate the Sherman Antitrust Act without requiring proof of harm.

Other options confuse per se violations with other laws like TCPA (Do Not Call) or CAN-SPAM (email).

Reference (Virginia Real Estate):

Sherman Antitrust Act, 15 U.S.C. 1--7

Virginia Real Estate Principles -- Antitrust section

A490-02REGS.pdf -- Professional conduct and antitrust

Question 7

An opinion of title, a certificate of title, a Torrens certificate, and title insurance are all examples of:

Acloud on a title

Bequitable title

Cevidence of title

Dchain of title

Answer : C

Evidence of title refers to documents or assurances showing that the seller has good title to convey.

Examples include:

Opinion of title (by attorney)

Certificate of title

Torrens certificate

Title insurance policy

These are all methods of proving ownership rights.

Other options:

(A) Cloud on title = defects/encumbrances.

(B) Equitable title = buyer's right after signing a contract but before closing.

(D) Chain of title = historical record of ownership.

Virginia Real Estate Principles & Practices -- Title Evidence

Code of Virginia 55.1 (Property and Conveyances)