Real Estate Licensing Virginia Real Estate Salesperson Exam Practice Test Instant Access

Question 1

The EGI of a building is $300,000. The operating costs are $30,000.

What is the NOI of the building?

A$332,000

B$215,000

C$270,000

D$264,000

Answer : C

Other options are miscalculations.

Reference (Virginia Real Estate):

Appraisal & Finance curriculum

USPAP standards -- income approach

A490-02REGS.pdf -- Real Estate Math section

Question 2

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 3

What is the legal doctrine by which the decedent's property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs?

Apolice power

Beminent domain

Cescheat

Dvariance

Answer : C

The doctrine of escheat applies when a person dies intestate (without a will) and has no surviving spouse, descendants, or heirs. In such cases, ownership of the property passes to the state.

Other doctrines:

(A) Police power = government authority to regulate land use.

(B) Eminent domain = taking private property for public use with just compensation.

(D) Variance = zoning exception.

Reference (Virginia Real Estate):

Virginia Code 55.1-2400 et seq. (Escheats)

A490-02REGS.pdf -- Government powers in real estate

Question 4

Lola has an easement that allows her to cross her neighbor's back lot to reach her home. It runs with the land. What kind of easement does Lola have?

Aeasement for light and air

Beasement in gross

Ceasement by prescription

Deasement appurtenant

Answer : D

An easement appurtenant:

Attaches to the land and ''runs with the land.''

Involves two parcels: a dominant estate (benefited, here Lola's property) and a servient estate (burdened, neighbor's lot).

Example: Right-of-way across a neighbor's property for access.

Other options:

(A) Easement for light and air = very rare.

(B) Easement in gross = benefits a person/entity, not land (e.g., utility easement).

Reference (Virginia Real Estate):

Code of Virginia Title 55.1 -- Easements

Virginia Real Estate Principles -- Easements and property rights

A490-02REGS.pdf -- Property rights curriculum

Question 5

Which of the following contracts has no legal effect and typically involves an illegal act, fraud, misrepresentation,duress, or undue influence?

Aa void contract

Ba valid contract

Can implied contract

Dan oral contract

Answer : A

A void contract is one that has no legal effect from the beginning. It is not enforceable by law because it lacks essential legal elements or involves unlawful acts. Common reasons:

Illegal act (e.g., contract to sell illegal drugs)

Fraud, misrepresentation, duress, undue influence

Lacks capacity or lawful purpose

Other options:

(B) Valid contract = fully enforceable by law.

(D) Oral contract = valid (except when required in writing by the Statute of Frauds).

Reference (Virginia Real Estate):

Virginia Code 11-2 (Statute of Frauds)

Virginia Real Estate Principles -- Contract Law section

A490-02REGS.pdf -- Contracts & Legal Enforceability

Question 6

The duty of obedience does not include requests or instructions that are:

Anot put in writing

Bethical and legal but not advisable

Cunnecessary

Dillegal or unethical in any way

Answer : D

The fiduciary duty of obedience requires an agent to follow all lawful instructions from their client.

However, the duty does not include following illegal or unethical requests.

Example: A client instructing a licensee to discriminate against buyers or falsify contract terms --- the licensee must refuse.

Other options:

(A) Instructions don't always need to be in writing to be valid.

(B) Ethical but unwise requests still require obedience.

Reference (Virginia Real Estate):

Code of Virginia 54.1-2131 (Duties of licensees)

Virginia Real Estate Principles -- Fiduciary duties section

A490-02REGS.pdf -- Agency & fiduciary responsibilities

Question 7

Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?

Asalesperson

Bassistant broker

Cbroker

Dappraiser

Answer : C

In Virginia, a real estate broker is the person licensed to represent one of the parties in a real estate transaction in exchange for commission or other valuable consideration.

Salesperson (A): Licensed to perform brokerage activities but only under the supervision of a broker; cannot independently represent a party for commission.

Assistant Broker (B): Not an official license category in Virginia.

Appraiser (D): Licensed to determine property value, not to represent parties in real estate transactions.

Thus, the correct answer is broker.

Code of Virginia 54.1-2100 (Definitions)

Virginia Real Estate Board Regulations (18 VAC 135-20)