Virginia VA State Portion Exam Prep
ACTUAL QUESTIONS AND CORRECT
ANSWERS
How often do you pay property tax in VA? - CORRECT ANSWERS✅✅Property taxes in
Virginia are calculated by multiplying a home's assessed value by its total property tax rate.
Assessed value is determined by local assessors on regular two- to six-year cycles. By state
law, cities are required to reassess every two years and counties every four years.
Termite bonds - CORRECT ANSWERS✅✅A contract between an owner and a pest control
company for regular pest inspection and treatment
Stigmatized properties - CORRECT ANSWERS✅✅A property that buyers may shy away
from for reasons other than physical defects, such as a property being the site of a murder
Property Owners' Association Act (POAA) - CORRECT ANSWERS✅✅Governs
HOA/POA activities in Virginia, requiring the seller to provide prospective buyers with
certain information and disclosures prior to purchase.
Common Interest Community (CIC) - CORRECT ANSWERS✅✅A property or
development where ownership interest is shared by multiple owners, such as a condominium
or timeshare.
Virginia's Residential Property Disclosure Statement - CORRECT ANSWERS✅✅Form
that, but for a few exempt types of transactions, must be provided to Virginia property
buyers, advising them to consult the Real Estate Board's website for disclosure requirements
and exemptions.
Caveat emptor - CORRECT ANSWERS✅✅Latin for "let the buyer beware"; Buyers carry
the responsibility of performing due diligence to determine the property's condition.
Virginia's Residential Property Disclosure Act (VRPDA) - CORRECT
ANSWERS✅✅Governs the information Virginia property sellers must disclose to
prospective buyers.
, The Chesapeake Bay Preservation Act - CORRECT ANSWERS✅✅Virginia law designed
to improve water quality in the Chesapeake Bay and other waters of the state and still allow
reasonable real estate development by placing restrictive ordinances on protected areas.
Megan's Law - CORRECT ANSWERS✅✅An amendment to the Jacob Wetterling Act
requiring law enforcement authorities to share information from sex offender registries with
the public
CLUE Report - CORRECT ANSWERS✅✅Comprehensive Loss Underwriting
Exchange:helps home insurance underwriters and buyers determine whether a particular
property has hidden issues
What does the Code of Virginia Title 54.1 Chapter 21 cover? - CORRECT ANSWERS✅✅It
defines Virginia's real estate licensing regulations and the scope of the Real Estate Board.
How is the Virginia Real Estate Board selected, and how long do its members serve? -
CORRECT ANSWERS✅✅The governor appoints nine members to four-year terms, and
may reappoint sitting members for one additional term.
Who is on the VREB?
Who is on the VREB? - CORRECT ANSWERS✅✅Seven real estate professionals (must
have at least five years experience as salespersons or brokers) and two members of the public.
How many hours of prelicense education is required to qualify to apply for a Virginia
salesperson's license? - CORRECT ANSWERS✅✅60
How many years experience must a Virginia broker applicant have? - CORRECT
ANSWERS✅✅At least three of the last four years
How often must Virginia brokers renew their licenses? - CORRECT ANSWERS✅✅Every
two years (just like salespeople)
How many hours of board-approved education must a broker applicant take in Virginia? -
CORRECT ANSWERS✅✅180
ACTUAL QUESTIONS AND CORRECT
ANSWERS
How often do you pay property tax in VA? - CORRECT ANSWERS✅✅Property taxes in
Virginia are calculated by multiplying a home's assessed value by its total property tax rate.
Assessed value is determined by local assessors on regular two- to six-year cycles. By state
law, cities are required to reassess every two years and counties every four years.
Termite bonds - CORRECT ANSWERS✅✅A contract between an owner and a pest control
company for regular pest inspection and treatment
Stigmatized properties - CORRECT ANSWERS✅✅A property that buyers may shy away
from for reasons other than physical defects, such as a property being the site of a murder
Property Owners' Association Act (POAA) - CORRECT ANSWERS✅✅Governs
HOA/POA activities in Virginia, requiring the seller to provide prospective buyers with
certain information and disclosures prior to purchase.
Common Interest Community (CIC) - CORRECT ANSWERS✅✅A property or
development where ownership interest is shared by multiple owners, such as a condominium
or timeshare.
Virginia's Residential Property Disclosure Statement - CORRECT ANSWERS✅✅Form
that, but for a few exempt types of transactions, must be provided to Virginia property
buyers, advising them to consult the Real Estate Board's website for disclosure requirements
and exemptions.
Caveat emptor - CORRECT ANSWERS✅✅Latin for "let the buyer beware"; Buyers carry
the responsibility of performing due diligence to determine the property's condition.
Virginia's Residential Property Disclosure Act (VRPDA) - CORRECT
ANSWERS✅✅Governs the information Virginia property sellers must disclose to
prospective buyers.
, The Chesapeake Bay Preservation Act - CORRECT ANSWERS✅✅Virginia law designed
to improve water quality in the Chesapeake Bay and other waters of the state and still allow
reasonable real estate development by placing restrictive ordinances on protected areas.
Megan's Law - CORRECT ANSWERS✅✅An amendment to the Jacob Wetterling Act
requiring law enforcement authorities to share information from sex offender registries with
the public
CLUE Report - CORRECT ANSWERS✅✅Comprehensive Loss Underwriting
Exchange:helps home insurance underwriters and buyers determine whether a particular
property has hidden issues
What does the Code of Virginia Title 54.1 Chapter 21 cover? - CORRECT ANSWERS✅✅It
defines Virginia's real estate licensing regulations and the scope of the Real Estate Board.
How is the Virginia Real Estate Board selected, and how long do its members serve? -
CORRECT ANSWERS✅✅The governor appoints nine members to four-year terms, and
may reappoint sitting members for one additional term.
Who is on the VREB?
Who is on the VREB? - CORRECT ANSWERS✅✅Seven real estate professionals (must
have at least five years experience as salespersons or brokers) and two members of the public.
How many hours of prelicense education is required to qualify to apply for a Virginia
salesperson's license? - CORRECT ANSWERS✅✅60
How many years experience must a Virginia broker applicant have? - CORRECT
ANSWERS✅✅At least three of the last four years
How often must Virginia brokers renew their licenses? - CORRECT ANSWERS✅✅Every
two years (just like salespeople)
How many hours of board-approved education must a broker applicant take in Virginia? -
CORRECT ANSWERS✅✅180
