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

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

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).

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

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

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

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.

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.

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.

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).

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.

The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues.

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

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.

Continuing education for Virginia salespersons is required every two years. If not completed, salespersons are at risk of being suspended and also fined.

Per Virginia licensing law brokers must complete at least 24 hours of continuing education every renewal cycle.

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

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.

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.

‘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

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.

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

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.

Both the single mom and married couple would be classified as a regulant. "Claimant means any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act.” Per Article 2. Virginia Real Estate Transaction Recovery Act 54.1-2112.

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

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

Commingling is when a licensee mixes funds held in care for a client with their own funds.

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.

Approximately every eight weeks, according to DPOR’s Recovery Fund guidance. Exact meeting dates can change; consult the official board meeting calendar. This is a description of the usual review schedule, not a fixed statutory number of annual meetings.

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

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).

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.

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

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

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.

There are a total of nine members of the VREB. “ The Board shall be composed of nine members as follows: seven members who have been licensed real estate brokers or salespersons for at least five consecutive years before their appointment and two citizen members.” Per Virginia Real Estate Regulations 54.1-2104.

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

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 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.