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Real Estate Licensing Virginia Real Estate Salesperson Sample Questions:

1. What is the difference between assemblage and plottage?

A) Assemblage is the act of building a new building, and plottage is the act of creating a new parcel of land.
B) Assemblage is the first step in creating a new subdivision, and plottage is the second step.
C) Assemblage is the act of combining parcels of land, and plottage is the resulting increase in value.
D) Assemblage involves combining parcels of land, and plottage involves splitting parcels of land.

2. A building has an NOI of $130,000 and is being valued with a cap rate of 4%. Using the income approach, what is the value of the building?

A) $3.250,000
B) $2.450,000
C) $1,300.000
D) $4,130,000

3. Disclosure is an important part of a brokerage's duties and responsibilities. Which of the following is NOT an important disclosure all brokerages should make?

A) disclosure of an area's demographics of race and ethnicity
B) disclosure of all offers
C) disclosure of agency
D) disclosure of financial condition

4. Which of the following is a unique quality of limited service agents in Virginia?

A) Limited service agents can assist in both residential and commercial transactions.
B) Limited service agents can assist in residential transactions ONLY.
C) Limited service agents can assist in commercial transactions ONLY.
D) Limited service agents can assist in neither residential nor commercial transactions.

5. An appraiser will most likely follow all of these steps in their appraisal, EXCEPT:

A) estimating the land value
B) setting a listing price for the property
C) gathering and recording data
D) reconciling the value estimates

Solutions: