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Real Estate Licensing Virginia Real Estate Salesperson Exam Sample Questions (Q103-Q108):

NEW QUESTION # 103
Stigmatized properties are properties:

A. with suppressed market value due to something that happened on or to the property, rather than the physical condition or features of the property
B. that are exempt from ad valorem taxes
C. with suppressed market value due to their physical condition or features
D. with market prices far exceeding other similar properties within an area

Answer: A

Explanation:
A stigmatized property is one that has a psychological impact on potential buyers, not a physical defect. Examples:
Property where a murder, suicide, or crime occurred.
Homes associated with alleged hauntings.
Properties connected to diseases like HIV/AIDS.
Such events may reduce market value, even though the property is structurally sound.
Other options:
(A) Describes physical defects.
(B) Ad valorem tax exemptions apply to some properties (e.g., nonprofits, veterans), not stigmatized homes.
(C) Overpriced properties are not necessarily stigmatized.
Reference (Virginia Real Estate):
Virginia Code § 55.1-713 (no duty to disclose stigmatization, e.g., death or HIV status) Virginia Real Estate Principles - Property condition & disclosure section

NEW QUESTION # 104
What is the difference between assemblage and plottage?

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

Answer: B

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 # 105
You're doing a CMA on a three-bedroom, two-bath, seven- year-old property. Choose the BEST comp from the following list:

A. a three-bedroom, one-bath, 12-year-old property located a quarter mile away that sold three months ago
B. a three-bedroom, two-and-a-half bath, 15-year-old property located 20 miles away that sold 12 weeks ago
C. a three-bedroom, two-bath, seven-year-old property located a quarter mile away that sold two years ago
D. a six-bedroom, four-bath, newly built property located a quarter mile away that sold six weeks ago

Answer: C

Explanation:
When preparing a Comparative Market Analysis (CMA):
The best comp is most similar in location, age, size, and features.
Timeliness matters (more recent sales are preferred), but similarity in property type/size carries greater weight.
Analysis of options:
(A) Six-bedroom, new build = too dissimilar.
(B) Same size, age, and location - best match, though sold 2 years ago.
(C) Too far (20 miles) and older property.
(D) Closer in time but has fewer bedrooms/baths and is older.
Thus, (B) is the closest comparable.
Reference:
Virginia Real Estate Principles & Practices - CMA and appraisal methods Real Estate Exam Prep - Valuation & Market Analysis

NEW QUESTION # 106
In Virginia, how many years do records need to be kept for?

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

Answer: A

Explanation:
Virginia requires brokers and firms to retain all financial, transactional, and escrow records for three years.
This includes contracts, disclosures, closing statements, and escrow records.
The three-year period usually begins from the date of closing or termination of the transaction.
Reference:
Virginia Code §54.1-2108 (Broker records retention requirements)

NEW QUESTION # 107
Which of these ownership concepts gives each co-owner the right to possession of the whole property?

A. unity of time
B. sole proprietorship
C. equitable interest
D. undivided interest

Answer: D

Explanation:
In co-ownership, the principle of undivided interest means each co-owner has:
The right to possess and use the entire property, not just a physical portion.
Equal rights of possession regardless of ownership percentage.
Other options:
Sole proprietorship (A): Single owner, not co-ownership.
Unity of time (C): A required element of joint tenancy but not the concept granting rights to the whole property.
Equitable interest (D): Refers to the rights of a buyer under contract before receiving legal title.
Thus, the correct answer is undivided interest.
Reference:
Virginia Real Estate Principles & Practices (Ownership Section)
Code of Virginia §55.1 (Property & Conveyances)

NEW QUESTION # 108
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