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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is the difference between assemblage and plottage?

A) Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
B) Assemblage is the first step in creating a new subdivision, and plottage is the second step.
C) Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.
D) Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.

2. A legally competent party to a contract will:

A) have reached the age of majority and be literate
B) not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
C) have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol
D) be literate and not be mentally incompetent or intoxicated by drugs or alcohol

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

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

4. A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because:

A) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
B) This alternative to foreclosure is an option only available to friends or family of the lender.
C) This alternative to foreclosure is handled by legal representatives known as "friends of the court."
D) This alternative to foreclosure only takes place when the foreclosure sale buyer is a friend or family member.

5. In Virginia, what is the difference between the REB and theFHB?

A) They are the same thing.
B) The REB is responsible for the enforcement of the fair housing law for real estate licensees. The FHB is responsible for all other violators.
C) The REB reports to HUD, while the FHB does not.
D) The FHB is responsible for the enforcement of the fair housing law for real estate licensees. The REB is responsible for all other violators.

Solutions: