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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

A) Limited service agents can assist in both residential and commercial transactions.
B) Limited service agents can assist in commercial transactions ONLY.
C) Limited service agents can assist in residential transactions ONLY.
D) Limited service agents can assist in neither residential nor commercial transactions.

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

A) a void contract
B) an implied contract
C) an oral contract
D) a valid contract

3. 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) $1,512
B) $7,560
C) $756
D) $15,120

4. One township contains how many sections?

A) 36
B) 64
C) 6
D) 640

5. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $3,500
B) $36.000
C) $10,500
D) $45,000

Solutions: