Real Estate Licensing Virginia-Real-Estate-Salesperson

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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Lola has an easement that allows her to cross her neighbor's back lot to reach her home. It runs with the land. What kind of easement does Lola have?

A) easement appurtenant
B) easement in gross
C) easement by prescription
D) easement for light and air

2. What rights govern the use of flowing water, such as rivers or streams?

A) riparian rights
B) percolating rights
C) littoral rights
D) appropriative rights

3. Bobby took out a commercial mortgage to pay for his new podcast studio. It is an interest-only loan of $800,000 with an interest rate of 4.5%. How much will Bobby pay in interest over the year?

A) $10,500
B) $36.000
C) $45,000
D) $3,500

4. Mindy experienced a foreclosure process that included being named as a defendant in a lawsuit by her lender and seeing her home sold in a foreclosure sale. From that information, what can you guess about the category of foreclosure used and who holds the title to the property?

A) A nonjudicial foreclosure was necessary because a trustee holds the title.
B) A nonjudicial foreclosure was necessary because Mindy holds the title.
C) A judicial foreclosure was necessary because the lender holds the title.
D) A judicial foreclosure was necessary because Mindy holds the title.

5. What is a marketable title?

A) a title free from significant encumbrances or defects (such as liens) that might prevent a purchaser from enjoying or eventually selling the property
B) an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances
C) the official opinion of an attorney regarding the condition of a property's title
D) constructive or actual notice of real property ownership

Solutions: