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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q66-Q71):

NEW QUESTION # 66
The duty of obedience does not include requests or instructions that are:

Answer: A

Explanation:
The fiduciary duty of obedience requires an agent to follow all lawful instructions from their client.
However, the duty does not include following illegal or unethical requests.
Example: A client instructing a licensee to discriminate against buyers or falsify contract terms - the licensee must refuse.
Other options:
(A) Instructions don't always need to be in writing to be valid.
(B) Ethical but unwise requests still require obedience.
(C) "Unnecessary" instructions are subjective and not an exception.
Reference (Virginia Real Estate):
Code of Virginia § 54.1-2131 (Duties of licensees)
Virginia Real Estate Principles - Fiduciary duties section
A490-02REGS.pdf - Agency & fiduciary responsibilities


NEW QUESTION # 67
What is the difference between assemblage and plottage?

Answer: D

Explanation:
Assemblage: The process of combining two or more adjacent parcels of land into one larger parcel.
Plottage: The increase in value that results from assemblage due to the greater utility or economic use of the combined parcel.
Example: Two small lots may be worth $50,000 each separately, but if assembled into one larger parcel, the combined property may be worth $120,000 due to increased development potential.
Reference (Virginia Real Estate):
Virginia Real Estate Principles - Land and Appraisal section
A490-02REGS.pdf - Valuation curriculum


NEW QUESTION # 68
The EGI of a building is $300,000. The operating costs are $30,000.
What is the NOI of the building?

Answer: A

Explanation:

Other options are miscalculations.
Reference (Virginia Real Estate):
Appraisal & Finance curriculum
USPAP standards - income approach
A490-02REGS.pdf - Real Estate Math section


NEW QUESTION # 69
Which of the following is NOT an option that a seller has after receiving a counteroffer?

Answer: D

Explanation:
When a seller receives a counteroffer, the original offer is terminated, and the seller has limited options:
Accept the counteroffer.
Reject it in writing.
Allow it to expire without response.
They cannot "discharge the contract" because no binding contract exists until there is mutual acceptance of an offer. "Discharge" applies only to an already valid and executed contract (e.g., by performance, mutual rescission, or operation of law).
Reference (Virginia Real Estate):
Code of Virginia Title 11 (Contracts)
Virginia Real Estate Principles - Offers & Counteroffers section
A490-02REGS.pdf - Contract law curriculum


NEW QUESTION # 70
A partially amortizing loan will include:

Answer: B

Explanation:
entire loan is paid
Explanation:
A partially amortizing loan requires regular monthly payments covering interest and some principal, but the loan is not fully paid off at the end of the term.
At maturity, a balloon payment (lump sum of the remaining balance) is due.
Other options:
(B) Non-refinancing clause - not a defining feature.
(C) Multiple lenders - irrelevant.
(D) Equal monthly payments until fully paid - that describes a fully amortizing loan, not partial.
Reference:
Virginia Real Estate Finance Principles - Loan types
National exam content outline (Amortization & balloon loans)


NEW QUESTION # 71
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