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1. Janay lives in and is licensed as a salesperson in North Carolina but wants to practice real estate in Virginia. Which of the following is true?
A) The REB requires real estate professionals to have residency in the state of Virginia, so Janay cannot practice in Virginia.
B) The REB will require Janay to take a special licensing course for out-of-state residents.
C) Janay only needs to take and pass the state portion of the licensing exam.
D) The REB does not recognize or transfer licenses from other states, so Janay will need to complete all salesperson pre-licensure requirements.
2. An area has been rezoned as residential, but a neighborhood store has been legacied in and allowed to continue its business.
This is an example of:
A) amendment
B) conditional-use permit
C) area variance
D) nonconforming use
3. Which of these types of loans can always be sold on the secondary mortgage market?
A) loans originated by Fannie Mae
B) jumbo loans
C) conforming loans
D) non-conforming loans
4. A leasehold agreement where the base rent changes is called a:
A) percentage lease
B) variable lease
C) lease-purchase agreement
D) net lease
5. The VRLTA applies to:
A) anyone who owns more than five rental properties
B) anyone who owns a commercial property
C) anyone who owns more than two rental properties
D) anyone who owns one property
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: C |
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