Virginia Real Estate Salesperson Exam
Practice Questions And Correct
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1. Which of the following best defines the fiduciary duty of loyalty owed
by a real estate salesperson to their client?
A. Acting in their own best interest to secure the highest commission
B. Disclosing confidential client information when convenient
C. Putting the client’s interests above all others, including the agent’s
own
D. Providing legal advice to the client without consulting an attorney
Rationale: The fiduciary duty of loyalty requires a real estate salesperson
to prioritize the client’s interests above their own, ensuring that personal
gain does not compromise client representation.
2. In Virginia, a salesperson must complete continuing education
requirements every two years. How many hours are mandated?
A. 6 hours
B. 12 hours
C. 16 hours
D. 20 hours
,Rationale: Virginia law mandates that real estate salespersons complete
16 hours of continuing education during each renewal cycle to maintain
licensure and ensure current industry knowledge.
3. Which type of agency relationship allows a real estate salesperson to
represent both the buyer and the seller in the same transaction?
A. General agency
B. Dual agency
C. Exclusive agency
D. Special agency
Rationale: Dual agency occurs when a real estate professional represents
both parties in a transaction, requiring full disclosure and informed consent
from both buyer and seller.
4. A Virginia real estate salesperson receives an offer on a listing
property. What is their obligation regarding presenting the offer?
A. Present it only if it meets the seller’s asking price
B. Present all offers promptly, regardless of price or terms
C. Hold the offer until a higher offer is received
D. Present only written offers submitted by licensed brokers
Rationale: Salespersons must present all offers promptly to the client to
ensure informed decision-making and uphold ethical standards.
5. What is the primary purpose of the Virginia Real Estate Board?
A. To set property prices across the state
B. To provide legal advice to real estate agents
C. To regulate real estate licensees and protect the public
D. To mediate private disputes between buyers and sellers
Rationale: The Virginia Real Estate Board’s main role is to oversee
licensure, enforce regulations, and ensure public protection within real
estate transactions.
, 6. Which statement best describes the role of earnest money in a Virginia
real estate transaction?
A. It is the salesperson’s commission
B. It is refundable only under Virginia law
C. It is a deposit made by the buyer to demonstrate good faith
toward the contract
D. It guarantees that the sale will close on time
Rationale: Earnest money is a deposit showing the buyer’s intent to
complete the transaction and is typically applied to the purchase price at
closing or returned under contractually defined conditions.
7. When a Virginia real estate licensee refers a client to a lender in
exchange for a fee, which federal law may be implicated?
A. Fair Housing Act
B. Real Estate Settlement Procedures Act (RESPA)
C. Sherman Antitrust Act
D. Truth in Lending Act
Rationale: RESPA prohibits kickbacks or referral fees in mortgage
transactions unless proper disclosures are made, ensuring transparency
and fairness in settlement practices.
8. In Virginia, which type of listing agreement provides the broker with
the right to earn a commission regardless of who sells the property?
A. Open listing
B. Net listing
C. Exclusive right-to-sell listing
D. Exclusive agency listing
Rationale: An exclusive right-to-sell listing guarantees the broker a
commission even if the seller personally finds a buyer, unlike exclusive
agency listings or open listings.
, 9. A buyer wants to withdraw an offer after it has been accepted by the
seller. Under what condition is this legally possible in Virginia?
A. Only if the buyer requests it within 24 hours
B. If the contract contains a contingency allowing withdrawal
C. Only with seller approval
D. Under no circumstances
Rationale: Contract contingencies, such as inspection or financing clauses,
allow buyers to legally withdraw without breaching the contract.
Otherwise, withdrawal may constitute a breach.
10. Which practice is considered an unfair or deceptive trade
practice under Virginia real estate law?
A. Holding open houses for listings
B. Misrepresenting the condition or value of a property
C. Providing market analysis to a client
D. Submitting offers on behalf of a buyer
Rationale: Misrepresentation, whether intentional or negligent, violates
Virginia’s consumer protection statutes and ethical rules for licensees.
11. What is the primary function of the Virginia Residential Property
Disclosure Act?
A. To establish standard property prices
B. To require sellers to disclose material defects to potential buyers
C. To protect the licensee from liability
D. To determine mortgage eligibility
Rationale: The Act ensures buyers receive information about known
property defects, promoting informed decision-making and reducing post-
sale disputes.
12. Which of the following describes a “material fact” in Virginia real
estate?
Practice Questions And Correct
Answers (Verified Answers) Plus
Rationale 2026 Q&A| Instant Download
1. Which of the following best defines the fiduciary duty of loyalty owed
by a real estate salesperson to their client?
A. Acting in their own best interest to secure the highest commission
B. Disclosing confidential client information when convenient
C. Putting the client’s interests above all others, including the agent’s
own
D. Providing legal advice to the client without consulting an attorney
Rationale: The fiduciary duty of loyalty requires a real estate salesperson
to prioritize the client’s interests above their own, ensuring that personal
gain does not compromise client representation.
2. In Virginia, a salesperson must complete continuing education
requirements every two years. How many hours are mandated?
A. 6 hours
B. 12 hours
C. 16 hours
D. 20 hours
,Rationale: Virginia law mandates that real estate salespersons complete
16 hours of continuing education during each renewal cycle to maintain
licensure and ensure current industry knowledge.
3. Which type of agency relationship allows a real estate salesperson to
represent both the buyer and the seller in the same transaction?
A. General agency
B. Dual agency
C. Exclusive agency
D. Special agency
Rationale: Dual agency occurs when a real estate professional represents
both parties in a transaction, requiring full disclosure and informed consent
from both buyer and seller.
4. A Virginia real estate salesperson receives an offer on a listing
property. What is their obligation regarding presenting the offer?
A. Present it only if it meets the seller’s asking price
B. Present all offers promptly, regardless of price or terms
C. Hold the offer until a higher offer is received
D. Present only written offers submitted by licensed brokers
Rationale: Salespersons must present all offers promptly to the client to
ensure informed decision-making and uphold ethical standards.
5. What is the primary purpose of the Virginia Real Estate Board?
A. To set property prices across the state
B. To provide legal advice to real estate agents
C. To regulate real estate licensees and protect the public
D. To mediate private disputes between buyers and sellers
Rationale: The Virginia Real Estate Board’s main role is to oversee
licensure, enforce regulations, and ensure public protection within real
estate transactions.
, 6. Which statement best describes the role of earnest money in a Virginia
real estate transaction?
A. It is the salesperson’s commission
B. It is refundable only under Virginia law
C. It is a deposit made by the buyer to demonstrate good faith
toward the contract
D. It guarantees that the sale will close on time
Rationale: Earnest money is a deposit showing the buyer’s intent to
complete the transaction and is typically applied to the purchase price at
closing or returned under contractually defined conditions.
7. When a Virginia real estate licensee refers a client to a lender in
exchange for a fee, which federal law may be implicated?
A. Fair Housing Act
B. Real Estate Settlement Procedures Act (RESPA)
C. Sherman Antitrust Act
D. Truth in Lending Act
Rationale: RESPA prohibits kickbacks or referral fees in mortgage
transactions unless proper disclosures are made, ensuring transparency
and fairness in settlement practices.
8. In Virginia, which type of listing agreement provides the broker with
the right to earn a commission regardless of who sells the property?
A. Open listing
B. Net listing
C. Exclusive right-to-sell listing
D. Exclusive agency listing
Rationale: An exclusive right-to-sell listing guarantees the broker a
commission even if the seller personally finds a buyer, unlike exclusive
agency listings or open listings.
, 9. A buyer wants to withdraw an offer after it has been accepted by the
seller. Under what condition is this legally possible in Virginia?
A. Only if the buyer requests it within 24 hours
B. If the contract contains a contingency allowing withdrawal
C. Only with seller approval
D. Under no circumstances
Rationale: Contract contingencies, such as inspection or financing clauses,
allow buyers to legally withdraw without breaching the contract.
Otherwise, withdrawal may constitute a breach.
10. Which practice is considered an unfair or deceptive trade
practice under Virginia real estate law?
A. Holding open houses for listings
B. Misrepresenting the condition or value of a property
C. Providing market analysis to a client
D. Submitting offers on behalf of a buyer
Rationale: Misrepresentation, whether intentional or negligent, violates
Virginia’s consumer protection statutes and ethical rules for licensees.
11. What is the primary function of the Virginia Residential Property
Disclosure Act?
A. To establish standard property prices
B. To require sellers to disclose material defects to potential buyers
C. To protect the licensee from liability
D. To determine mortgage eligibility
Rationale: The Act ensures buyers receive information about known
property defects, promoting informed decision-making and reducing post-
sale disputes.
12. Which of the following describes a “material fact” in Virginia real
estate?
