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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q81-Q86):

NEW QUESTION # 81
Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?

A. sole ownership
B. joint tenancy
C. community property
D. tenants in common

Answer: B

Explanation:
Joint tenancy is characterized by:
Equal ownership shares.
Right of survivorship - when one owner dies, their share automatically passes to the surviving co-owners.
Other options:
(B) Sole ownership = only one owner, not applicable.
(C) Community property = marital ownership recognized in some states, but not Virginia.
(D) Tenants in common = no right of survivorship; shares pass to heirs instead.
Thus, the investors clearly have joint tenancy.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-134 (Joint tenancy vs. tenancy in common)
Virginia Real Estate Principles - Ownership & Estates section
A490-02REGS.pdf - Co-ownership curriculum

NEW QUESTION # 82
An appraiser will most likely follow all of these steps in their appraisal, EXCEPT:

A. reconciling the value estimates
B. gathering and recording data
C. setting a listing price for the property
D. estimating the land value

Answer: C

Explanation:
An appraiser's role is to provide an independent, unbiased opinion of value, not to engage in brokerage activities.
Steps appraisers follow:
Gathering and recording data (property details, comps, market conditions) Estimating land value (separate from improvements) Reconciling value estimates (from cost, income, and sales comparison approaches) They do not set listing prices, which is the job of a real estate agent or seller.
Reference (Virginia Real Estate):
Uniform Standards of Professional Appraisal Practice (USPAP)
Virginia Real Estate Principles - Appraisal section
A490-02REGS.pdf - Appraiser's role in real estate transactions

NEW QUESTION # 83
What is one way that a contract for deed differs from a standard real estate sales contract?

A. A contract for deed has the purchase price in it.
B. A contract for deed's purchase price section details the buyer's payment plan to the seller.
C. A contract for deed includes a section about a flip tax.
D. A contract for deed includes a financing clause.

Answer: B

Explanation:
A contract for deed (also called a land contract or installment sale contract) differs from a standard purchase agreement because:
Buyer makes installment payments directly to the seller.
Seller retains legal title until all payments are made.
Buyer holds equitable title during the payment period.
In contrast, a standard sales contract usually involves financing through a lender, and title transfers at closing.
Thus, the key difference is that a contract for deed spells out the buyer's payment plan to the seller, not just the purchase price.
Reference:
Code of Virginia §55.1 (Property & Conveyances)
Virginia Real Estate Board CE Outline - Contracts Section

NEW QUESTION # 84
The National Association of Realtors' Code of Ethics says
Realtors should act with:

A. All choices are correct.
B. integrity
C. fairness
D. competence

Answer: A

Explanation:
Comprehensive Detailed Explanation:
The NAR Code of Ethics establishes that Realtors must act with:
Integrity - honesty in all dealings.
Fairness - treating all parties honestly and impartially.
Competence - providing services within their level of skill and knowledge.
Since the Code of Ethics covers all these duties, the correct choice is all choices are correct.
Reference:
NAR Code of Ethics, Preamble & Article 1

NEW QUESTION # 85
The VRLTA applies to:

A. anyone who owns a commercial property
B. anyone who owns more than five rental properties
C. anyone who owns one property
D. anyone who owns more than two rental properties

Answer: D

Explanation:
The Virginia Residential Landlord and Tenant Act (VRLTA) applies to:
All landlords who own more than two rental units or more than 10% interest in more than two rental units.
Landlords with two or fewer units may be exempt unless they choose to opt in.
This ensures tenant protections apply broadly, while small-scale landlords with only one or two rentals may be treated differently.
Reference (Virginia Real Estate):
Virginia Code § 55.1-1201 (Application of VRLTA)
Virginia Real Estate Principles - Landlord-tenant law section
A490-02REGS.pdf - VRLTA curriculum

NEW QUESTION # 86
......

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