Virginia Real Estate Salesperson National Licensing Exam Version 2
Practice exam for Salesperson and Broker License Exam under Real Estate Exams (Licensing Exams). 5 sample questions.
Sample Questions
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Question 1
A home warranty for a previously owned home would usually cover which of the following items?
Correct Answer: C
Rationale: Home warranties for previously owned homes are designed to protect buyers from unexpected repair costs after closing. They typically cover major mechanical systems (plumbing, electrical, heating, air conditioning) and built-in appliances (oven, dishwasher, water heater, etc.). Structural defects, flooding, and personal property are almost always excluded, making choice C the standard and correct coverage description.
Rationale: Home warranties for previously owned homes are designed to protect buyers from unexpected repair costs after closing. They typically cover major mechanical systems (plumbing, electrical, heating, air conditioning) and built-in appliances (oven, dishwasher, water heater, etc.). Structural defects, flooding, and personal property are almost always excluded, making choice C the standard and correct coverage description.
Question 2
A real estate licensee was very devout in a certain religion... the licensee is guilty of
Correct Answer: D
Rationale: Simply being personally devout in a religion does not violate fair housing laws. Steering, blockbusting, and panic peddling are illegal practices based on directing or discouraging buyers because of protected characteristics. A licensee's personal religious beliefs and practices are protected under religious freedom and do not constitute discrimination unless they influence housing decisions based on a buyer's protected class.
Rationale: Simply being personally devout in a religion does not violate fair housing laws. Steering, blockbusting, and panic peddling are illegal practices based on directing or discouraging buyers because of protected characteristics. A licensee's personal religious beliefs and practices are protected under religious freedom and do not constitute discrimination unless they influence housing decisions based on a buyer's protected class.
Question 3
A tenant leased a building for use as a bookstore, and the tenant installed wall-mounted shelving. Is the tenant permitted to remove the shelving?
Correct Answer: A
Rationale: Items installed by a commercial tenant to conduct their specific trade or business are considered trade fixtures. Bookstore shelving qualifies as a trade fixture because it is essential to operating the bookstore. Trade fixtures remain the personal property of the tenant and may be removed at the end of the lease provided the premises are returned to their original condition.
Rationale: Items installed by a commercial tenant to conduct their specific trade or business are considered trade fixtures. Bookstore shelving qualifies as a trade fixture because it is essential to operating the bookstore. Trade fixtures remain the personal property of the tenant and may be removed at the end of the lease provided the premises are returned to their original condition.
Question 4
The term "loan-to-value ratio" means the ratio of the loan amount to the
Correct Answer: B
Rationale: LTV is calculated using the lesser of the appraised value or the contract sale price. This conservative approach protects the lender by ensuring the loan amount does not exceed the property's true market value as determined by either the appraiser or the actual agreed-upon price between buyer and seller.
Rationale: LTV is calculated using the lesser of the appraised value or the contract sale price. This conservative approach protects the lender by ensuring the loan amount does not exceed the property's true market value as determined by either the appraiser or the actual agreed-upon price between buyer and seller.
Question 5
On federal income tax returns, a homeowner is allowed to deduct
Correct Answer: B
Rationale: The IRS allows qualified homeowners to deduct mortgage interest paid on their primary and secondary residences (subject to limits). Property taxes are also deductible, but utilities, HOA dues, and hazard insurance premiums are not considered deductible expenses on Schedule A.
Rationale: The IRS allows qualified homeowners to deduct mortgage interest paid on their primary and secondary residences (subject to limits). Property taxes are also deductible, but utilities, HOA dues, and hazard insurance premiums are not considered deductible expenses on Schedule A.