1. Which Virginia state agency is responsible for issuing and regulating real estate salesperson and broker licenses?
- A. Virginia Department of Professional and Occupational Regulation (DPOR) ✓
- B. Virginia Department of Housing and Community Development (DHCD)
- C. Virginia Real Estate Transaction Recovery Fund Board
- D. Virginia Association of Realtors (VAR)
The Virginia Real Estate Board (VREB) operates under DPOR, which is the state agency that issues and regulates all real estate licenses in Virginia pursuant to the Virginia Real Estate License Law (Title 54.1 of the Code of Virginia).
2. Under Virginia law, a real estate salesperson license applicant must complete how many hours of pre-license education before sitting for the state exam?
- A. 40 hours
- B. 60 hours ✓
- C. 90 hours
- D. 120 hours
Virginia requires salesperson applicants to complete 60 hours of approved pre-license education as prescribed by the Virginia Real Estate Board regulations (18 VAC 135-20) before they are eligible to sit for the state licensing examination.
3. A Virginia real estate salesperson license is issued for what term before renewal is required?
- A. One year
- B. Two years ✓
- C. Three years
- D. Four years
Virginia real estate salesperson licenses are issued on a two-year cycle. Licensees must renew every two years and complete required continuing education before the expiration date of their license.
4. How many hours of continuing education must a Virginia real estate salesperson complete during each license renewal cycle?
- A. 8 hours
- B. 12 hours
- C. 16 hours ✓
- D. 24 hours
Virginia salespersons must complete 16 hours of Board-approved continuing education per two-year renewal cycle. This requirement is set by the Virginia Real Estate Board under 18 VAC 135-20-180.
5. Under Virginia law, a salesperson who fails to renew their license by the expiration date may reinstate the license within how many years without having to retake the licensing examination?
- A. One year ✓
- B. Two years
- C. Three years
- D. Five years
Under Virginia Real Estate Board regulations, if a salesperson fails to renew by the expiration date and does not complete renewal within the allowed late-renewal period, the expired license may be reinstated for up to one year after expiration by meeting reinstatement requirements and paying the required fees. After that period, the person must apply as a new applicant and satisfy current licensing requirements, including examination if required.
6. In Virginia, which of the following actions does NOT require a real estate license?
- A. Negotiating the sale of another person's real property for compensation
- B. Advertising another person's property for sale for a fee
- C. An attorney acting under a duly executed power of attorney to sell a client's property ✓
- D. Collecting rent for a landlord as a regular business activity for compensation
In Virginia, a person acting as an attorney-in-fact under a duly executed power of attorney is exempt from the real estate licensing requirement for the authorized transaction. Negotiating the sale of another person's property for compensation, advertising another person's property for sale for a fee, and collecting rents or managing property for compensation as a business are brokerage activities that generally require a Virginia real estate license. The relevant exemption is found in Virginia Code §54.1-2103, not §54.1-2101.1.
7. A Virginia real estate salesperson wants to work for two different real estate firms simultaneously. Under Virginia law, this is:
- A. Permitted, provided both principal brokers give written consent
- B. Permitted only if one firm handles residential and the other commercial property
- C. Prohibited; a salesperson may be licensed with only one principal broker at a time ✓
- D. Permitted if the salesperson notifies DPOR within 10 days
Virginia law requires that a salesperson be affiliated with and supervised by one principal broker at a time. A salesperson cannot hold active licenses with two different firms simultaneously; their license is associated with a single brokerage.
8. Under Virginia Real Estate Board regulations, within how many days must a salesperson notify the Board when they terminate their affiliation with a principal broker?
- A. 5 days
- B. 10 days ✓
- C. 30 days
- D. 60 days
Virginia Real Estate Board regulations require that when a salesperson terminates association with a principal broker, both the salesperson and the broker must notify the Board within 10 days of the termination.
9. The Virginia Real Estate Transaction Recovery Fund provides compensation to eligible consumers harmed by a licensed real estate professional. Which of the following is an accurate statement about this fund?
- A. There is no per-transaction cap; claimants may recover all actual damages
- B. The fund compensates claimants for losses caused by a licensee's fraudulent or improper act in a real estate transaction ✓
- C. Licensed brokers are not required to contribute to the fund
- D. Judgments satisfied by the fund do not affect the licensee's license status
The Virginia Real Estate Transaction Recovery Fund exists to compensate consumers who suffer actual monetary losses resulting from a licensee's fraudulent, misrepresentative, or deceitful conduct. Per Virginia Code 54.1-2112, when the fund pays a claim, the licensee's license is automatically revoked and they cannot be re-licensed until they repay the fund with interest.
10. Which of the following individuals is REQUIRED to hold a Virginia real estate broker's license?
- A. A salaried employee who manages a single apartment complex owned by their employer
- B. A person who manages a vacation rental for a family member without compensation
- C. An individual who operates a real estate company and supervises affiliated salespersons ✓
- D. A trustee acting under a court order to sell real property
Virginia law requires that the person who operates a real estate business and supervises salespersons must hold a broker's license. Salaried employees managing a single property for their direct employer, family members acting without compensation, and court-appointed trustees are among those exempt from licensure under Virginia Code 54.1-2101.1.