Virginia Real Estate Salesperson Exam 10-Question Diagnostic Practice Test

Q: How many questions are on the Virginia real estate salesperson exam, and what is the passing score?

The Virginia real estate salesperson licensing exam administered by PSI consists of 120 multiple-choice questions divided into two sections: an 80-question Universal National Core portion (105 minutes) and a 40-question Virginia State Law portion (45 minutes), plus 5 to 10 unscored pretest items (total testing time: 150 minutes / 2.5 hours). To pass, you must score at least 70% on the National section (56/80) and at least 75% on the Virginia State section (30/40), with a combined passing benchmark of 86 out of 120 questions. Both sections must be passed independently.

Q: How hard is the Virginia real estate salesperson exam?

The Virginia Real Estate Board (VREB) salesperson exam has an average first-time pass rate between 55% and 64%. The Virginia State Law portion is challenging due to the state's unique statutes: the 5th business banking day escrow deposit rule, BRRETA 90-day automatic default termination, the codified caveat emptor doctrine under VRPDA, mandatory exceptions (defective drywall, military noise zones), the Virginia Resale Disclosure Act (14-day delivery / 3-day cancellation), the Wet Settlement Act recording prerequisite, and Virginia's unique fair housing protected class (Elderliness 55+).

Q: How much does the Virginia real estate exam cost?

The PSI exam fee is $60 per attempt (whether taking both portions or a single retake). Upon passing, the VREB initial salesperson license application fee is $170 (consisting of a $150 license fee and a mandatory $20 Recovery Fund assessment). Candidates must also complete state/FBI fingerprinting ($50 to $60) and 60 hours of approved prelicensing education ($200 to $450).

Q: What is the escrow deposit rule in Virginia?

Under 18 VAC 135-20-180, earnest money trust funds must be deposited into an insured Virginia financial institution escrow account by the end of the 5th business banking day following ratification of the contract of sale. Principal brokers may keep up to $5,000 of broker personal/firm funds in the escrow account to cover bank maintenance fees without committing illegal commingling. All escrow and transaction records must be retained for at least 3 years.

Q: What is BRRETA in Virginia?

The Brokerage Relationships in Real Estate Transactions Act (Code of Va. §§ 54.1-2130 – 54.1-2144) governs all agency relationships in Virginia. It mandates written brokerage agreements before providing substantive brokerage services. All agreements must have a definite expiration date; if omitted, the agreement automatically defaults to 90 calendar days. It also outlines the duties of Standard Agents, Limited Service Agents, and Independent Contractors.

Q: What is the Virginia Real Estate Transaction Recovery Fund?

Governed by §§ 54.1-2112 – 54.1-2120, the Recovery Fund pays out up to $20,000 per claimant/transaction, $50,000 per transaction aggregate, and a $100,000 lifetime cap per licensee for unsatisfied fraud or embezzlement judgments. Any payout results in the IMMEDIATE AUTOMATIC REVOCATION of the licensee's license. To reapply, the individual must repay the Fund in full plus interest. Minimum fund balance: $400,000.

Q: What is Caveat Emptor under the Virginia Residential Property Disclosure Act?

Virginia is a codified caveat emptor ("buyer beware") state (§§ 55.1-700 – 55.1-714). The seller makes NO representations or warranties regarding the physical condition of the property, adjacent parcels, flood zones, stormwater facilities, or sex offenders, directing the buyer to perform independent due diligence.

Q: What are the mandatory exceptions to Caveat Emptor in Virginia?

Affirmative written disclosures ARE legally required in 4 specific situations: 1) Military air installation noise or accident potential zones (§ 55.1-704); 2) Defective drywall (§ 55.1-705); 3) Pending building code or zoning violations (§ 55.1-706); and 4) Septic system repair waiver (§ 55.1-708).

Q: What is the Virginia Resale Disclosure Act?

Effective July 1, 2023, the Virginia Resale Disclosure Act (§§ 55.1-2307 – 55.1-2317) unified resale disclosure rules across all common interest communities (condominiums, POAs, and co-ops). The association has 14 calendar days to deliver the uniform Resale Certificate. The purchaser has 3 calendar days from receipt to cancel the purchase contract and receive a full 100% refund of earnest money.

Q: What is the Virginia Wet Settlement Act?

Under Title 55.1 Chapter 9, the Wet Settlement Act prohibits closing settlement agents from disbursing mortgage loan proceeds or sales funds until the deed and deed of trust have been formally recorded in the land records of the local circuit court clerk's office.

Question 1

A salesperson in Richmond receives a $10,000 earnest money check from a buyer alongside a purchase offer. The seller formally ratifies and signs the purchase agreement on Tuesday at 3:00 PM. Under Virginia Real Estate Board (VREB) regulations, by what deadline must the earnest money check be deposited into the broker's escrow account?

Accepted Answer

A. By the end of the 5th business banking day following contract ratification (Tuesday of the following week, excluding holidays).

Answer

B. By the end of the next business day following contract ratification.

Answer

C. Within 24 hours of physically receiving the check from the buyer.

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D. At least 10 business days prior to closing.

Question 2

A principal broker in Alexandria maintains an active escrow account in an insured Virginia financial institution. To cover bank maintenance service charges and prevent account closure, what is the maximum amount of personal or firm funds the broker is permitted to maintain in the escrow account without committing illegal commingling?

Accepted Answer

A. Up to $5,000 of broker personal or firm funds may be maintained in the escrow account to cover service charges and account minimums.

Answer

B. Up to $100 of broker personal funds.

Answer

C. Up to $1,000 of broker personal funds.

Answer

D. Zero broker personal funds under any circumstance; any personal balance constitutes conversion.

Question 3

A real estate licensee and a prospective buyer in Charlottesville execute a written buyer brokerage agreement. The parties discuss the duration of representation but inadvertently fail to write an expiration date into the contract. Under the Virginia Brokerage Relationships in Real Estate Transactions Act (BRRETA), what is the statutory duration of this agreement?

Accepted Answer

A. The agreement automatically terminates 90 calendar days from the date of execution.

Answer

B. The agreement is void ab initio and unenforceable from the moment of signing.

Answer

C. The agreement remains valid indefinitely until either party provides 30 days written notice.

Answer

D. The agreement defaults to a statutory 1-year duration under the Virginia Statute of Frauds.

Question 4

A licensee agrees to provide "flat-fee MLS listing services" to a homeowner in Roanoke as a "Limited Service Agent." Under BRRETA, what mandatory statutory disclosure must be provided to the client in the brokerage agreement?

Accepted Answer

A. The licensee must provide a conspicuous written statement listing all standard statutory brokerage duties that will NOT be provided to the client, along with an advisory that the client may have to perform those duties independently.

Answer

B. The licensee must surrender their salesperson license to the VREB for the duration of the listing.

Answer

C. The licensee must obtain written permission from the local board of Realtors.

Answer

D. The licensee must deposit 50% of the flat fee into the Virginia Real Estate Transaction Recovery Fund.

Question 5

A consumer in Virginia Beach wins a $35,000 final fraud judgment against a licensed Virginia salesperson. The consumer files a claim with the Virginia Real Estate Transaction Recovery Fund. What is the statutory maximum amount the consumer can recover for this single claim, and what immediate disciplinary sanction applies to the salesperson?

Accepted Answer

A. Maximum payout is $20,000 per claimant/transaction, and the salesperson's license is automatically and immediately revoked.

Answer

B. Maximum payout is $35,000, and the salesperson is placed on 12 months probation.

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C. Maximum payout is $50,000, and the principal broker must pay the remaining balance.

Answer

D. Maximum payout is $10,000, and the salesperson must retake the 60-hour prelicensing course.

Question 6

Under the Virginia Residential Property Disclosure Act (VRPDA), what is the general legal principle governing seller representations regarding the physical condition of a residential property?

Accepted Answer

A. Virginia operates under the doctrine of caveat emptor ("buyer beware"); the seller makes no representations regarding the physical condition of the property and advises the buyer to exercise due diligence.

Answer

B. Sellers are strictly required to warrant all electrical and plumbing systems for 12 months post-closing.

Answer

C. Sellers must complete a mandatory 48-question physical defect inspection questionnaire.

Answer

D. Sellers are strictly liable for all latent foundation defects regardless of knowledge.

Question 7

Despite Virginia's general caveat emptor doctrine, in which of the following residential transactions does state law mandate an affirmative written disclosure from the seller?

Accepted Answer

A. When the property is located in a military air installation noise or accident potential zone, contains known defective drywall, or has pending building code violations.

Answer

B. When a previous occupant died peacefully of natural causes in the master bedroom.

Answer

C. When a registered sex offender resides within 2 miles of the neighborhood.

Answer

D. When the property was previously painted with interior latex paint.

Question 8

Under the Virginia Resale Disclosure Act (effective July 1, 2023), how long does a common interest community association have to deliver a requested Resale Certificate, and what is the buyer's statutory cancellation window upon receipt?

Accepted Answer

A. The association must deliver the certificate within 14 calendar days, and the buyer has 3 calendar days from receipt to cancel the purchase contract with a 100% refund of earnest money.

Answer

B. The association has 30 days to deliver, and the buyer has 10 days to cancel.

Answer

C. The association has 5 business days to deliver, and the buyer has zero cancellation rights.

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D. The association must deliver at the closing table, and cancellation requires a $1,000 penalty fee.

Question 9

Under the Virginia Wet Settlement Act, what legal event MUST occur before the settlement agent is legally authorized to disburse mortgage loan proceeds and sales funds to the seller?

Accepted Answer

A. The deed of trust and the deed must be recorded in the land records of the circuit court of the jurisdiction where the property is located.

Answer

B. The lender must wire funds to the buyer's personal checking account.

Answer

C. The local sheriff must conduct a physical inspection of the property boundary lines.

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D. The VREB must issue a formal closing authorization certificate.

Question 10

Under the Virginia Fair Housing Law, which of the following is an extra protected class recognized under Virginia state law that is NOT protected under the federal Fair Housing Act of 1968?

Accepted Answer

A. Elderliness (defined as age 55 or older) and lawful source of funds (including housing choice vouchers).

Answer

B. Marital status and credit score rating.

Answer

C. Level of educational attainment and occupation.

Answer

D. Political party affiliation and union membership.

Virginia Real Estate Practice Exam & 2026 VREB Salesperson Guide

4 Legal Concepts That Catch Candidates on the Virginia State Exam

5th Business Banking Day Escrow Deposit & $5,000 Buffer

BRRETA 90-Day Default Termination & Written Mandate

Caveat Emptor & Mandatory VRPDA Exceptions

Recovery Fund $20k/$100k Caps & Automatic Revocation

The 3 Tested VREB Virginia State Law Domains

Virginia Licensing Requirements, VREB Governance & Escrow Accounting

Virginia Brokerage Relationships (BRRETA), Agency & Fair Housing

Virginia Property Law, Disclosures (VRPDA, CICB) & Conveyancing

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