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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:
1. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?
A) A judicial foreclosure was necessary because the lender holds the title.
B) A nonjudicial foreclosure was necessary because Mindy holds the title.
C) A nonjudicial foreclosure was necessary because a trustee holds the title.
D) A judicial foreclosure was necessary because Mindy holds the title.
2. The four phases of an environmental site assessment are, in order:
A) management, investigation, testing, remediation
B) testing, investigation, remediation, management
C) investigation, testing, remediation, management
D) remediation, investigation, testing, management
3. Who regulates fair housing advertising?
A) HMDA
B) HUD
C) CRA
D) ECOA
4. You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:
A) a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago
B) a three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago
C) a three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago
D) a three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago
5. In addition to evaluating borrower creditworthiness, to complete the loan approval process, the underwriter needs to evaluate the:
A) property
B) tender
C) broker
D) seller
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: A |
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