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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Siblings Meg and Jack own property together. Meg owns 60% and Jack owns 40%. If Meg dies, her share is inherited by her spouse, not Jack. Based on these facts, what kind of ownership do they have?

A) tenancy by the entirety
B) ownership in severalty
C) tenancy in common
D) joint tenancy

2. When must a lender provide borrowers with a Closing Disclosure?

A) at least three business days before the consummation of the loan
B) at the end of the closing ceremony
C) at least five business days after consummation of the loan
D) on the day of closing

3. A leasehold agreement where the base rent changes is called a:

A) percentage lease
B) lease-purchase agreement
C) variable lease
D) net lease

4. What deed provides the grantee with the least protection of any deed, while putting the least liability on the grantor?

A) general warranty deed
B) bargain and sale deed
C) quitclaim deed
D) special warranty deed

5. Per se violations are:

A) acts that are considered inherently illegal
B) acts that are in violation of the TCPA
C) acts that are NOT considered inherentty illegal
D) acts that are in violation of CAN-SPAM

Solutions: