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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

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

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

2. A leasehold agreement where the base rent changes is called a:

A) lease-purchase agreement
B) percentage lease
C) variable lease
D) net lease

3. According to the Virginia Residential Landlord Tenant Act (VRLTA) what is the maximum amount a landlord may keep as a security deposit?

A) one month's rent
B) two months' rent
C) six months' rent
D) $2,000

4. Which of these describes a leasehold estate?

A) Terrence occupies an apartment he doesn't own. He pays his landlord rent every month.
B) Shannon lives in her uncle's apartment and has the right to occupy it for the remainder of her life. After that, the property reverts back to her uncte.
C) Jung owns a building. He lives upstairs and runs the store downstairs.
D) Janet owns a property she inherited from her father. There's a stipulation on the deed that it is only to be used for a residence. Otherwise, it reverts to him.

5. What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship?

A) tenancy by the entirety
B) severalty
C) joint tenancy
D) tenancy in common

Solutions: