Free Virginia Real Estate Practice Exam Questions (September 2026) 40+

The license is automatically suspended if the assessment remains unpaid 30 days after the second notice is mailed. It is restored when the Director actually receives the delinquent assessment. This assessment rule is different from license revocation following certain payments of claims from the Fund. See Virginia Code § 54.1-2113(G).

Under no circumstances can a Virginia salesperson be licensed with more than one Virginia broker.

A Real Estate Recovery Fund Claim Form must be filed with the Department of Professional and Occupational Regulation (DPOR) within 12 months after the judgment is final. Per Article 2. Virginia Real Estate Transaction Recovery Act.

Brokers must inform any change of addresses to the VREB within thirty days. If thirty days go by without the broker informing the VREB they have the right to suspend the brokers license.

"Director" means the Director of the Department of Professional and Occupational Regulation. Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.

The Virginia Residential Landlord Tenant Act requires security deposits not to exceed 2 months rent.

‘State law prohibits the following from filing a Recovery Fund claim: a real estate licensee; the personal representative of a real estate licensee; the spouse or child of the licensee who is the subject of the claim (the licensee against whom the judgment was awarded), nor the personal representative of such spouse or child; or any lending or financial institution, nor anyone whose business involves the construction or development of real property.” In our case the only party that can file a claim would be the

In Virginia, all of the following are legal except for Net listings.

In Virginia, licensed activity is defined as anyone who lists, sells, leases, or deals in real estate transactions. If someone does any of those activities without a license it is considered unlicensed activity. In order to do prior tasks they must hold an active real estate license.

During a Virginia salesperson's FIRST year they are required to complete additional education lasting 30 hours.

The Virginia Property Disclosure Act governs the required seller disclosure in a residential transaction.

Unlike some states, Virginia has no minimum. The amount is completely negotiable by the buyer and the seller.

State law limits a single Recovery Fund claim to $20,000. Multiple claims involving the same real estate licensee are limited to $100,000 per biennial license period. Per Article 2. Virginia Real Estate Transaction Recovery Act. Read More Here

When a payment involving a real estate licensee is made from the Recovery Fund, in most cases, the applicable license is automatically revoked. Per Article 2. Virginia Real Estate Transaction Recovery Act.

Licenses not renewed before thirty one days, will have late fees or penalties. VREB regulations provide a 30-day period after the expiration date in which a license may be renewed without penalty (therefore, at thirty one days late they may impose a late fee).

It is a violation for a broker to pay any compensation to an agent affiliated with another broker. Brokers can only pay their own applicable agents.

An agent would be classified as a regulant. “Regulant means a person, partnership, association, corporation, agency, firm or any other entity licensed by the VREB as a real estate broker or real estate salesperson.” Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.

The Recovery Fund does not pay interest, punitive damages, exemplary damages, or any amounts that do not constitute actual monetary loss to the claimant. However, the award (claim) may include attorneys' fees and court costs. Per Article 2. Virginia Real Estate Transaction Recovery Act.

A Virginia broker can be licensed with more than one Virginia brokerage firm with the written consent of the principal brokers represented.

The Virginia Real Estate Board is abbreviated (VREB). The Board is the state agency that governs real estate practices in Virginia.

The Virginia Real Estate Board mandates agents enter into a broker agreement with a buyer before the agent begins to provide substantive advice or begins real estate duties for the buyer.

Failing to comply with any request from the VREB within ten days is an example of noncompliance with the VREB.

The maximum balance of the Virginia Real Estate Transaction Recovery Fund is $2,000,000. Whenever the balance of the fund exceeds $2 million, the amount in excess of $2 million shall be transferred to the Virginia Housing Trust Fund Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2113.e.

The terms of members of the VREB are four years long. Per Virginia Real Estate Regulations 54.1-2104.

Virginia state law requires that copies of ALL documents, including escrow account activity, MUST be kept by the licensee for at least 3 years.

The only way an unlicensed investor can open a brokerage is if the business is managed by a licensed broker.

Steering refers to the practice in which real estate agents or brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. This practice is highly illegal in all states including Virginia.

If the Virginia Real Estate Transaction Recovery Fund falls below the minimum, licensees may be assessed to restore the Fund with a maximum fee of $20 (per two year period).

A chattel is an item of property other than real estate. So an item NOT considered real property. While leftover items may be considered a chattel they are best defined as another word for personal property.

The Governor is in charge of handling the appointment of board members. Per Virginia Real Estate Regulations.

Virginia state law requires that copies of ALL documents, including agency disclosures and brokerage agreements, MUST be kept by the licensee for at least 3 years.

Under agency law in Virginia dual agency is legal but only with the consent of all parties to the transaction.

There are three legal ways to represent a client in Virginia agency law. The law recognizes them as standard agents, limited service agents, and independent contractors.

No it is not. Commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with their own funds. Commingling is illegal in Virginia.

The minimum balance of the Virginia Real Estate Transaction Recovery Fund is $400,000. Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2113.c.

State law specifies that brokerage agreements be made in writing. Verbal agreements are not legal in Virginia.

The VREB will review the complaint FIRST for a possible licensee violation. If they do find reasonable cause they will then take the proper steps.

Elderliness. Virginia law defines this term as an individual who has attained age 55. Elderliness is one of several state protections; it is not Virginia’s only protection beyond the seven classes named in the federal Fair Housing Act. Virginia also protects familial status. See Virginia’s definitions and fair-housing regulations.

The Real Estate Recovery Trust Account is a special fund established by Virginia Real Estate Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The recovery revolving fund is designed to protect consumers.

Per Virginia law, someone purchasing a residential condominium from a developer has five days to review the offer. They can also rescind the contract during that five day time frame.