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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:
1. Why do lenders need liquidity?
A) so they can put their money in long-term assets
B) so they have the funds to originate more loans
C) to qualify for FHA insurance
D) so loans can be packaged together to create MBSs
2. A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?
A) $4,130,000
B) $1,300.000
C) $2.450,000
D) $3.250,000
3. The consummation of a real estate sale is known as the:
A) offer and acceptance
B) closing
C) option period
D) signing of the contract
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 three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago
B) a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks 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. 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?
A) No, because the phrase "as is" is included in the contract.
B) Yes, because the phrase "caveat emptor" is included in the contract.
C) Yes, because the phrase "subject to" is included in the contract.
D) No, because the phrase "time is of the essence" is included in the contract.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: D |



