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| Section | Objectives |
|---|---|
| Topic 1: Real Estate Practice & Ethics | - Professional conduct
|
| Topic 2: Agency Relationships | - Broker-client relationships
|
| Topic 3: Real Estate Calculations | - Math applications
|
| Topic 4: Property Ownership | - Types of ownership
|
| Topic 5: Financing | - Mortgage concepts
|
| Topic 6: Contracts | - Real estate contracts
|
| Topic 7: Virginia Law & Regulations | - State-specific rules
|
| Topic 8: Valuation and Market Analysis | - Appraisal concepts
|
| Topic 9: Land Use Controls & Regulations | - Government restrictions
|
1. The creation of express agency is best handled via a(n):
A) oral agreement or ratified actions
B) oral agreement or buyer representation agreement
C) listing agreement or ratified actions
D) listing agreement or buyer representation agreement
2. The EGI of a building is $300,000. The operating costs are $30,000.
What is the NOI of the building?
A) $264,000
B) $332,000
C) $270,000
D) $215,000
3. A legally competent party to a contract will:
A) have reached the age of majority and be literate
B) not be mentally incompetent or intoxicated by drugs or alcohol and have legal representation
C) be literate and not be mentally incompetent or intoxicated by drugs or alcohol
D) have reached the age of majority and not be mentally incompetent or intoxicated by drugs or alcohol
4. One township contains how many sections?
A) 6
B) 640
C) 36
D) 64
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) corporation
C) limited partnership
D) general partnership
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: B |
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