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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. What is a building permit?

A) document that permits changing the zoning of one small area within the existing zoning
B) written permission from the government to seize private property for public use
C) legal document from a local authority that authorizes a construction or remodeling project
D) document that permits landowners to use land in a way that is typically not permitted by land use restrictions of zoning law

3. Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A) equitable interest
B) undivided interest
C) unity of time
D) sole proprietorship

4. An appraiser will most likely follow all of these steps in their appraisal, EXCEPT:

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

5. The purpose of discount points is:

A) to lower the property value for purposes of tax savings
B) to lock in an interest rate for a specified time prior to closing
C) to lower the amount due at closing
D) to lower the interest rate over the life of the loan

Solutions: