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Real Estate Licensing Virginia-Real-Estate-Salesperson Exam Syllabus Topics:

SectionObjectives
Real Estate Calculations- Math applications
  • 1. Area and valuation calculations
    • 2. Commissions and prorations
      Contracts- Real estate contracts
      • 1. Purchase agreements
        • 2. Listing agreements
          Land Use Controls & Regulations- Government restrictions
          • 1. Zoning and building codes
            • 2. Environmental regulations
              Agency Relationships- Broker-client relationships
              • 1. Fiduciary duties
                • 2. Disclosure requirements
                  Financing- Mortgage concepts
                  • 1. Lending regulations basics
                    • 2. Loan types and structures
                      Valuation and Market Analysis- Appraisal concepts
                      • 1. Valuation approaches
                        • 2. Comparative Market Analysis (CMA)
                          Property Ownership- Types of ownership
                          • 1. Community vs separate property concepts
                            • 2. Joint tenancy / tenancy in common
                              Real Estate Practice & Ethics- Professional conduct
                              • 1. Ethical practices in transactions
                                • 2. Fair housing laws
                                  Virginia Law & Regulations- State-specific rules
                                  • 1. Virginia real estate statutes
                                    • 2. DPOR licensing rules

                                      Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

                                      Question #1

                                      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
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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                                      Question #2

                                      Lillian is buying a home for $355,000. She is going to put down $75,000 as her down payment on her conventional loan. Will Lillian be required to pay private mortgage insurance?

                                      • A. No, but it depends solely on her credit score.
                                      • B. No, her down payment is large enough to avoid PMI.
                                      • C. Yes, her down payment does not meet the requirements to eliminate PMI.
                                      • D. Yes, PMI is required until she reaches 50% equity.
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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                                      Question #3

                                      Norah just purchased a warehouse with dimensions of 25 ft. by 15 ft. She wants to carpet the floor. How many square YARDS of carpet does she need?

                                      • A. 375 sq. yds.
                                      • B. 125 sq. yds.
                                      • C. 41.67 sq. yds.
                                      • D. 80 sq. yds.
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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                                      Question #4

                                      What does a lender use to discover all possible defendants in a foreclosure lawsuit?

                                      • A. a lis pendens
                                      • B. a deficiency judgment
                                      • C. an advertisement
                                      • D. a title search
                                      Reveal Solution  Discussion  0

                                      Correct Answer: D  🗳️

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                                      Question #5

                                      Contracts for the initial purchase of a cooperative interest may be rescinded without penalty how many days after either contract ratification or receipt of the POS?

                                      • A. 5 days
                                      • B. 21 days
                                      • C. 14 days
                                      • D. 10 days
                                      Reveal Solution  Discussion  0

                                      Correct Answer: A  🗳️

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