VIRGINIA REAL ESTATE SALESPERSON
NATIONAL PREP TEST PAPER 1 2026
COMPLETE QUESTIONS AND FULL
SOLUTIONS
⩥ DPOR. Answer: 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. Answer: 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. Answer: 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. Answer: 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. Answer: civil
penalty not to exceed $1000
⩥ real estate license exemptions. Answer: -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. Answer: -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:. Answer: -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:. Answer: 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:. Answer: 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:. Answer: 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
-transfers to or from goon't enity
-new homes/first sale
⩥ responsibility for receiving disclosure info lies with:. Answer: the
purchaser; however if disclosure isn't made before ratification the buyer
can terminate contract within 3 days if hand carried, 5 if mailed, prior to
settlement, occupancy, and loan application if the loan app states right to
NATIONAL PREP TEST PAPER 1 2026
COMPLETE QUESTIONS AND FULL
SOLUTIONS
⩥ DPOR. Answer: 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. Answer: 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. Answer: 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. Answer: 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. Answer: civil
penalty not to exceed $1000
⩥ real estate license exemptions. Answer: -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. Answer: -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:. Answer: -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:. Answer: 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:. Answer: 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:. Answer: 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
-transfers to or from goon't enity
-new homes/first sale
⩥ responsibility for receiving disclosure info lies with:. Answer: the
purchaser; however if disclosure isn't made before ratification the buyer
can terminate contract within 3 days if hand carried, 5 if mailed, prior to
settlement, occupancy, and loan application if the loan app states right to
