Virginia Real Estate Salesperson Exam,
state portion, Virginia VA State Portion
Exam Prep ACTUAL QUESTIONS AND
CORRECT ANSWERS
Firm - CORRECT ANSWERS✅✅any sole proprieteorship, partnership, assoc, LLC, or
Corp that is required to have a separate brokerage firm license. "ABC Realty" must have a
firm license, and a licensed principle broker
DPOR - CORRECT ANSWERS✅✅Board of Professional and Occupational Regulation.
Consists of 9 members, appointed by governor to 4 yr terms. REB (real estate board) is part
of DPOR.
CIC Board - CORRECT ANSWERS✅✅Common Interest Community Board, within the
DPOR; separate from the REB. Creates licensure to govern condos, time shares, coops and
HOAs. 80 hr CIC manager training program.
regulations for firm license - CORRECT ANSWERS✅✅every resident real estate broker
must maintain a place of business in VA.
every member or officer who actively participates in brokerage business must hold a license
as a broker.
a salesperson and a broker may not be principals in the firm together. SPs must be under the
supervision of principal broker.
business entity license - CORRECT ANSWERS✅✅a salesperson who heads a team of
licensees within a brokerage and wishes to advertise under the team name must obtain a
business entity license for the team.
penalty for engaging in unlicensed real estate activity - CORRECT ANSWERS✅✅civil
penalty not to exceed $1000
real estate license exemptions - CORRECT ANSWERS✅✅-selling or renting own property
-acting without compensation as an atty in fact under a power of attorney issued by property
owner
, -attorneys involved in RE transactions in their normal role as attnys
-trustees, admins or executors of estates.
-licensed auctioneers at public auction
VA RE Transaction Recovery Fund - CORRECT ANSWERS✅✅-est. to reimburse parties
who suffer from monetary loss due to licensee's conduct. est. by DPOR.
-New licensees must pay $20 into the fund
-min balance $400K, may assess if balance falls.
-failure to pay assessment within 30 days of second notice results in suspended license.
-over $2mil then funds transfer to VA Housing Trust fund
claim on the VA transaction recovery fund must: - CORRECT ANSWERS✅✅-have
pursued all legal means for recovery before claim can be filed
-amt of claim limited to actual monetary damages suffered in the transaction, court costs, and
attny fees
max payment from VA recovery fund: - CORRECT ANSWERS✅✅single transaction:
$50K to all injured parties; single claimant can only receive $20K
Multiple transactions during 2 yr pd: $100K to all claimants
penalty to licensee for claims from the fund: - CORRECT ANSWERS✅✅immediately
revoked license; possible other disciplinary action. may not apply for new license until repay
fund plus interest. payment does not guarantee license reinstatement.
va residential property disclosure act applies to: - CORRECT ANSWERS✅✅everyone,
including FSBO, except:
-transfers by court order
-foreclosure
-trust, admin of estate, conservatorship
-transfers from one or more cowers to one or more coowners.
-between spouses from divorce/property settlement.
-tax seizure
state portion, Virginia VA State Portion
Exam Prep ACTUAL QUESTIONS AND
CORRECT ANSWERS
Firm - CORRECT ANSWERS✅✅any sole proprieteorship, partnership, assoc, LLC, or
Corp that is required to have a separate brokerage firm license. "ABC Realty" must have a
firm license, and a licensed principle broker
DPOR - CORRECT ANSWERS✅✅Board of Professional and Occupational Regulation.
Consists of 9 members, appointed by governor to 4 yr terms. REB (real estate board) is part
of DPOR.
CIC Board - CORRECT ANSWERS✅✅Common Interest Community Board, within the
DPOR; separate from the REB. Creates licensure to govern condos, time shares, coops and
HOAs. 80 hr CIC manager training program.
regulations for firm license - CORRECT ANSWERS✅✅every resident real estate broker
must maintain a place of business in VA.
every member or officer who actively participates in brokerage business must hold a license
as a broker.
a salesperson and a broker may not be principals in the firm together. SPs must be under the
supervision of principal broker.
business entity license - CORRECT ANSWERS✅✅a salesperson who heads a team of
licensees within a brokerage and wishes to advertise under the team name must obtain a
business entity license for the team.
penalty for engaging in unlicensed real estate activity - CORRECT ANSWERS✅✅civil
penalty not to exceed $1000
real estate license exemptions - CORRECT ANSWERS✅✅-selling or renting own property
-acting without compensation as an atty in fact under a power of attorney issued by property
owner
, -attorneys involved in RE transactions in their normal role as attnys
-trustees, admins or executors of estates.
-licensed auctioneers at public auction
VA RE Transaction Recovery Fund - CORRECT ANSWERS✅✅-est. to reimburse parties
who suffer from monetary loss due to licensee's conduct. est. by DPOR.
-New licensees must pay $20 into the fund
-min balance $400K, may assess if balance falls.
-failure to pay assessment within 30 days of second notice results in suspended license.
-over $2mil then funds transfer to VA Housing Trust fund
claim on the VA transaction recovery fund must: - CORRECT ANSWERS✅✅-have
pursued all legal means for recovery before claim can be filed
-amt of claim limited to actual monetary damages suffered in the transaction, court costs, and
attny fees
max payment from VA recovery fund: - CORRECT ANSWERS✅✅single transaction:
$50K to all injured parties; single claimant can only receive $20K
Multiple transactions during 2 yr pd: $100K to all claimants
penalty to licensee for claims from the fund: - CORRECT ANSWERS✅✅immediately
revoked license; possible other disciplinary action. may not apply for new license until repay
fund plus interest. payment does not guarantee license reinstatement.
va residential property disclosure act applies to: - CORRECT ANSWERS✅✅everyone,
including FSBO, except:
-transfers by court order
-foreclosure
-trust, admin of estate, conservatorship
-transfers from one or more cowers to one or more coowners.
-between spouses from divorce/property settlement.
-tax seizure
