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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. The title of a fee simple determinable estate reverts automatically if title conditions are violated. How do fee simple condition subsequent estates compare?

A) If title conditions are violated, condition subsequent estates require Supreme Court action, specifically, for estate ownership to revert.
B) Ownership of condition subsequent estates reverts automatically, as it does with determinable estates, but it takes longer to process.
C) If title conditions are violated, condition subsequent estates require legal action for estate ownership to revert.
D) Ownership of condition subsequent estates reverts automatically, as it does with determinable estates.

2. A legally competent party to a contract will:

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

3. In Virginia, how many years do records need to be kept for?

A) one year
B) two years
C) five years
D) three years

4. A type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord is a:

A) ground lease
B) net lease
C) percentage lease
D) gross lease

5. Peter and Ned co-own a type of real estate business together. This business is legally treated the same as a single person, meaning it is technically ownership in severalty. Peter and Ned are also not liable for the organization's debt. What type of business do Peter and Ned own?

A) sole proprietorship
B) limited partnership
C) general partnership
D) corporation

Solutions: