1|Page
VIRGINIA PSI EXAM (STATE) 2026-
WELL REVISED EXAM QUESTIONS
WITH VERIFIED ANSWERS
Inactive Status Limited Period - correct-answer -Licensees with inactive licenses
must reapply for active status within three years or they must repeat pre-license
education and exam.
License by Reciprocity - correct-answer -Intended for those already licensed in
another state. The board may waive their pre-education requirements and the
national portion of the exam.
Concurrent Broker License - correct-answer -License for brokers looking to be
active in multiple firms.
Reporting Changes - Change in Status - correct-answer -10 Days - Termination of
Salesperson or Associate Broker. Voluntary Inactivation.
Reporting Changes - Change in Personal Info - correct-answer -30 Days - Name or
Address
, 2|Page
Reporting Changes - Termination of Principal Broker - correct-answer -3 Days
Renewing Licenses - correct-answer -Licenses must be renewed every two years.
There is a 30 day grace period.
Service Referral Fees - correct-answer -All active licensees (salesperson or broker)
may accept referral fees for services required by a sales contract (inspection,
survey), as long as that service is acknowledged in writing by the person who pays
for the service.
Board Request - Financial Information - correct-answer -Principal Broker must
submit records to the board within 10 days of request.
Escrow Accounts - Conversion - correct-answer -Appropriation (stealing) of
escrow money or property.
Escrow Accounts - Reporting Violations - correct-answer -Escrow violations must
be reported within 3 business days.
Board Request - Questions or Records - correct-answer -Within 21 Days
VIRGINIA PSI EXAM (STATE) 2026-
WELL REVISED EXAM QUESTIONS
WITH VERIFIED ANSWERS
Inactive Status Limited Period - correct-answer -Licensees with inactive licenses
must reapply for active status within three years or they must repeat pre-license
education and exam.
License by Reciprocity - correct-answer -Intended for those already licensed in
another state. The board may waive their pre-education requirements and the
national portion of the exam.
Concurrent Broker License - correct-answer -License for brokers looking to be
active in multiple firms.
Reporting Changes - Change in Status - correct-answer -10 Days - Termination of
Salesperson or Associate Broker. Voluntary Inactivation.
Reporting Changes - Change in Personal Info - correct-answer -30 Days - Name or
Address
, 2|Page
Reporting Changes - Termination of Principal Broker - correct-answer -3 Days
Renewing Licenses - correct-answer -Licenses must be renewed every two years.
There is a 30 day grace period.
Service Referral Fees - correct-answer -All active licensees (salesperson or broker)
may accept referral fees for services required by a sales contract (inspection,
survey), as long as that service is acknowledged in writing by the person who pays
for the service.
Board Request - Financial Information - correct-answer -Principal Broker must
submit records to the board within 10 days of request.
Escrow Accounts - Conversion - correct-answer -Appropriation (stealing) of
escrow money or property.
Escrow Accounts - Reporting Violations - correct-answer -Escrow violations must
be reported within 3 business days.
Board Request - Questions or Records - correct-answer -Within 21 Days
