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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q81-Q86):

NEW QUESTION # 81
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. gross lease
B. percentage lease
C. net lease
D. ground lease

Answer: B

Explanation:
A percentage lease is most commonly used in commercial real estate, especially retail.
The tenant pays a base rent plus a percentage of their business's gross sales/profits to the landlord.
Example: Shopping mall tenants, restaurants, or department stores.
Other options:
(A) Gross lease = tenant pays fixed rent; landlord pays expenses.
(C) Net lease = tenant pays base rent + some or all operating expenses (taxes, insurance, maintenance).
(D) Ground lease = long-term lease of land (tenant builds on leased land).
Reference (Virginia Real Estate):
Virginia Real Estate Principles - Types of leases
A490-02REGS.pdf - Leasing curriculum

NEW QUESTION # 82
Who regulates fair housing advertising?

A. ECOA
B. HMDA
C. HUD
D. CRA

Answer: C

Explanation:
The U.S. Department of Housing and Urban Development (HUD) regulates fair housing advertising under the Fair Housing Act (1968).
HUD issues rules on wording, images, and equal housing opportunity statements in ads.
Other agencies:
(A) HMDA (Home Mortgage Disclosure Act) - focuses on lending data, not advertising.
(C) CRA (Community Reinvestment Act) - ensures banks serve all communities fairly.
(D) ECOA (Equal Credit Opportunity Act) - prohibits discrimination in lending, not ads.
Reference:
Fair Housing Act, 42 U.S.C. §3601 et seq.
HUD Fair Housing Advertising Guidelines
Virginia Fair Housing Law (Title 36, Chapter 5.1)

NEW QUESTION # 83
What is the goal of the Sherman Antitrust Act?

A. to prohibit deceit, misrepresentations, and other fraud in the sale of securities
B. to ensure the fair treatment of all Americans seeking housing
C. to protect consumers against inaccurate and unfair credit billing and credit card practices
D. to promote fair competition on behalf of American consumers

Answer: D

Explanation:
The Sherman Antitrust Act (1890) is federal legislation designed to maintain fair competition in the marketplace. It prohibits business practices that restrain trade or create monopolies. In real estate, this law directly applies to:
Price fixing (e.g., brokers agreeing on commission rates)
Group boycotts (refusing to do business with certain parties)
Market allocation (dividing territories or clients among competitors)
Tie-in agreements (forcing the purchase of one service with another)
Its primary goal is consumer protection through competition-not housing rights, credit billing, or securities fraud.
Reference (Virginia Real Estate):
Sherman Antitrust Act, 15 U.S.C. §§ 1-7
Virginia Real Estate Board continuing education: Ethics & Antitrust Law compliance A490-02REGS.pdf (Professional Standards & Conduct sections)

NEW QUESTION # 84
Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?

A. community property
B. sole ownership
C. joint tenancy
D. tenants in common

Answer: C

Explanation:
Joint tenancy is characterized by:
Equal ownership shares.
Right of survivorship - when one owner dies, their share automatically passes to the surviving co-owners.
Other options:
(B) Sole ownership = only one owner, not applicable.
(C) Community property = marital ownership recognized in some states, but not Virginia.
(D) Tenants in common = no right of survivorship; shares pass to heirs instead.
Thus, the investors clearly have joint tenancy.
Reference (Virginia Real Estate):
Code of Virginia § 55.1-134 (Joint tenancy vs. tenancy in common)
Virginia Real Estate Principles - Ownership & Estates section
A490-02REGS.pdf - Co-ownership curriculum

NEW QUESTION # 85
In Virginia, agents practicing no agency (transaction coordinators) are sometimes referred to as:

A. appraisers
B. single agents
C. intermediaries
D. dual agents

Answer: C

Explanation:
In Virginia, agency law recognizes several forms of representation that real estate licensees may provide. These include standard agency, dual agency, and limited service agency. But Virginia also allows licensees to operate in a capacity where they provide no agency representation to either party.
No Agency (also called "Independent Contractor" or "Facilitator/Transaction Coordinator") When a licensee assists in a real estate transaction without representing either the buyer or the seller, they are said to be practicing "no agency." In this capacity, the licensee does not advocate for either side but may assist with paperwork, communication, and coordination of the transaction.
In Virginia, such licensees are sometimes referred to as intermediaries.
Why not the other options?
Single Agent (A): A single agent represents only one party (buyer or seller) in the transaction with full fiduciary duties. This is the most common agency relationship.
Dual Agent (C): A dual agent represents both buyer and seller in the same transaction with limited duties to each. This is a recognized but restricted practice in Virginia.
Appraiser (D): An appraiser is a licensed professional who provides valuation services and is not acting as an agent or intermediary in the transaction.
Because Mindy's question specifies no agency, the correct Virginia terminology aligns with "intermediary." Reference (without URLs):
Code of Virginia, Title 54.1, Chapter 21 - Real Estate Brokers, Salespersons, and Rental Location Agents (§ 54.1-2130 et seq.) (defining agency and non-agency relationships) Real Estate Board Regulations (18 VAC 135-20-10 Definitions; 18 VAC 135-20-300 Standards of Conduct) Virginia Real Estate Principles & Practices - discussion on transaction coordinators/intermediaries and their duties under no-agency status

NEW QUESTION # 86
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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q81-Q86):

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