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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. Why do lenders need liquidity?

A) so they can put their money in long-term assets
B) so they have the funds to originate more loans
C) to qualify for FHA insurance
D) so loans can be packaged together to create MBSs

2. The relationship between a property manager and the property owner is most comparable to that of a:

A) stockholder with the board of directors of a corporation
B) salesperson with their broker
C) cashier with the owner of a store
D) tenant with a landlord

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

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

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

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

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

A) This alternative to foreclosure is an option only available to friends or family of the lender.
B) This alternative to foreclosure requires the agreement and cooperation of both lender and borrower.
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.

Solutions: