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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Alexa and Harrison have gone over every term and condition in the contract they have drawn up for the sale of Alexa's racehorse to Harrison. Neither party has any questions or desire to change anything about the agreement. Which essential element of a valid contract appears to have been realized?

A) reality of consent
B) consideration
C) mutual assent
D) lawful objective

2. Which of the following can be described as a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell property, and the individual who is considered to have procured the cause of the sale is the one who will receive the commission?

A) open listing
B) net listing
C) exclusive agency agreement
D) exclusive right-to-sell agreement

3. The EGI of a building is $300,000. The operating costs are $30,000.
What is the NOI of the building?

A) $215,000
B) $264,000
C) $270,000
D) $332,000

4. Which of these is a person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration?

A) broker
B) appraiser
C) assistant broker
D) salesperson

5. Alana is renting a three-bedroom home for one year. Alana is the:

A) holdover tenant
B) tenant or lessor
C) optionor
D) tenant or lessee

Solutions: