Virginia PSI Exam (State) || Most Recent Exam 2026-2027
Actual Complete Real Exam Questions And Correct
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Renewing Licenses - ANSWER -Licenses must be renewed
every two years.
There is a 30 day grace
period.
Service Referral Fees - ANSWER -All active licensees
(salesperson or broker) may accept referral fees for services
required by a sales contract (inspection, survey), as long as
that service is acknowledged in writing by the person who
pays for the service.
Board Request - Financial Information - ANSWER -Principal
Broker must submit
records to the board within 10 days of
request.
Escrow Accounts - Conversion - ANSWER -Appropriation
(stealing) of escrow
money or
property.
, Escrow Accounts - Reporting Violations - ANSWER -Escrow
violations must be
reported within 3
business days.
Board Request - Questions or Records - ANSWER -Within 21
Days
Client Referral Fees - ANSWER -Only Brokers (not
salespersons) may pay
referral fees and split commissions with other
brokers or firms.
Funding the TRF - ANSWER -New licensees must pay $20 to
the TRF. If the
balance falls under $400,000, all licensees must pay $20
over 2 years.
TRF - Single Transactions - ANSWER -Maximum payment for a
single party in a single transaction is $20,000. The maximum
payment for multiples in a single transaction is $50,000.
Independent Contractor - ANSWER -Licensee who enters into
brokerage agreement with client, which specifically states that
the licensee is acting as an independent contractor and NOT
an agent.
Limited Service Agent - ANSWER -States that agent will not
provide one or more of the duties of a standard agent is
Actual Complete Real Exam Questions And Correct
Answers (Verified Answers) Already Graded A+ |
Guaranteed Success!! Newest Exam | Just
Released!!
Renewing Licenses - ANSWER -Licenses must be renewed
every two years.
There is a 30 day grace
period.
Service Referral Fees - ANSWER -All active licensees
(salesperson or broker) may accept referral fees for services
required by a sales contract (inspection, survey), as long as
that service is acknowledged in writing by the person who
pays for the service.
Board Request - Financial Information - ANSWER -Principal
Broker must submit
records to the board within 10 days of
request.
Escrow Accounts - Conversion - ANSWER -Appropriation
(stealing) of escrow
money or
property.
, Escrow Accounts - Reporting Violations - ANSWER -Escrow
violations must be
reported within 3
business days.
Board Request - Questions or Records - ANSWER -Within 21
Days
Client Referral Fees - ANSWER -Only Brokers (not
salespersons) may pay
referral fees and split commissions with other
brokers or firms.
Funding the TRF - ANSWER -New licensees must pay $20 to
the TRF. If the
balance falls under $400,000, all licensees must pay $20
over 2 years.
TRF - Single Transactions - ANSWER -Maximum payment for a
single party in a single transaction is $20,000. The maximum
payment for multiples in a single transaction is $50,000.
Independent Contractor - ANSWER -Licensee who enters into
brokerage agreement with client, which specifically states that
the licensee is acting as an independent contractor and NOT
an agent.
Limited Service Agent - ANSWER -States that agent will not
provide one or more of the duties of a standard agent is
