VIRGINIA REAL ESTATE SALESPERSON
NATIONAL PREP FINAL PAPER EXAM 1
2026 80 COMPLETE SOLUTIONS WITH
PRESET QUESTIONS
⩥ 48. Answer: An auctioneer selling real estate at a public auction for
the owner does not need to have a real estate license, if the auction is
open only ______ hours.
⩥ $20. Answer: Each new licensee must pay ____ into the Virginia Real
Estate Transaction Recovery Fund.
⩥ 10. Answer: The initial purchaser of the condo has ____ days to
rescind the contract without reason or penalty.
⩥ 75%. Answer: Under the Virginia Condominium Act when once ____
or more of the units are sold, the declarant is not longer responsible for
the units, and the responsibilities fall to the association of unit owners.
⩥ Virginia Non-Stock Corporation Act. Answer: Regarding time shares
in Virginia, the declarant must file a time-share project instrument,
which defines the project, and is in accordance with the:
,⩥ $100,000. Answer: In Fair Housing convictions, the court may award
civil penalties of up to $50,000 for the first violation, and up to _______
for any subsequent violations.
⩥ If the Virginia license applicant has had a license suspended or
revoked in any jurisdiction because of association with disciplinary
action,. Answer: a very detailed explanation of the event/circumstances
must be included with his license application.
⩥ If there was a prior misdemeanor involving moral turpitude, sexual
offense, drug distribution, physical injury or any felony, the license
applicant must submit:. Answer: • An official FBI record
• State police criminal record
• Relevant certified copies of all court records
• A written explanation of his part in the offense, including the current
status and final resolution of the offense
⩥ The Virginia Real Estate Board administers the following:. Answer: •
The Virginia Fair Housing Act
• The Virginia Condominium Act
• The Virginia Time-Share Act
• The Consumer Real Estate Settlement Protection Act as it applies to
licensed real estate brokers
• Common Interest Community Mgt Info Fund
• The Virginia Transaction Recovery Fund
,⩥ The Virginia Real Estate Board regulates:. Answer: businesses and
individuals representing others in real property transactions, including
condominiums, cooperatives, and time-shares.
⩥ The Virginia Real Estate Board is authorized:. Answer: to investigate
any actions of a licensee after receiving a written complaint, along with
documentary evidence, about said licensee.
⩥ The Virginia Real Estate Board:. Answer: approves schools to teach
broker/salespeople courses in real estate
⩥ 180 hours. Answer: Broker license educational criteria require ______
of board-approved real estate study.
⩥ 18 years old. Answer: A person must be ____________ to become
licensed as a real estate salesperson or broker in the state of Virginia.
⩥ may have their applications denied!. Answer: Those applicants who
do NOT follow all board rules and rules of the testing service in taking
the examination:
⩥ to complete and pass a state-approved 60-hour course on the
principles of real estate.. Answer: The Virginia Real Estate Board
currently requires anyone wishing to obtain a real estate license:
, ⩥ 12. Answer: After passing the exam for Principles in Real Estate,
she/he has _______ months to apply for a license.
⩥ must retake and pass the exam again in order to then apply for his
license.. Answer: After 12 months of passing the Principles in Real
Estate class, the applicant:
⩥ The active license always hangs in the ________. Answer: Broker's
main office
⩥ An active license. Answer: one in which the licensee is associated
with a broker, who must certify the new licensee's license application
that he has agreed to be associated with this new licensee.
⩥ What happens to a new real estate license?. Answer: The license will
be sent DIRECTLY TO THE BROKER, and is immediately valid.
⩥ An inactive license. Answer: - one in which the broker or salesperson
is not affiliated with a supervising broker, firm, or sole proprietorship;
he/she may NOT act as a real estate agent in any capacity.
⩥ every two years by the last day of the month. Answer: Salespersons'
and brokers' licenses must be renewed _______ during which the license
was issued.
NATIONAL PREP FINAL PAPER EXAM 1
2026 80 COMPLETE SOLUTIONS WITH
PRESET QUESTIONS
⩥ 48. Answer: An auctioneer selling real estate at a public auction for
the owner does not need to have a real estate license, if the auction is
open only ______ hours.
⩥ $20. Answer: Each new licensee must pay ____ into the Virginia Real
Estate Transaction Recovery Fund.
⩥ 10. Answer: The initial purchaser of the condo has ____ days to
rescind the contract without reason or penalty.
⩥ 75%. Answer: Under the Virginia Condominium Act when once ____
or more of the units are sold, the declarant is not longer responsible for
the units, and the responsibilities fall to the association of unit owners.
⩥ Virginia Non-Stock Corporation Act. Answer: Regarding time shares
in Virginia, the declarant must file a time-share project instrument,
which defines the project, and is in accordance with the:
,⩥ $100,000. Answer: In Fair Housing convictions, the court may award
civil penalties of up to $50,000 for the first violation, and up to _______
for any subsequent violations.
⩥ If the Virginia license applicant has had a license suspended or
revoked in any jurisdiction because of association with disciplinary
action,. Answer: a very detailed explanation of the event/circumstances
must be included with his license application.
⩥ If there was a prior misdemeanor involving moral turpitude, sexual
offense, drug distribution, physical injury or any felony, the license
applicant must submit:. Answer: • An official FBI record
• State police criminal record
• Relevant certified copies of all court records
• A written explanation of his part in the offense, including the current
status and final resolution of the offense
⩥ The Virginia Real Estate Board administers the following:. Answer: •
The Virginia Fair Housing Act
• The Virginia Condominium Act
• The Virginia Time-Share Act
• The Consumer Real Estate Settlement Protection Act as it applies to
licensed real estate brokers
• Common Interest Community Mgt Info Fund
• The Virginia Transaction Recovery Fund
,⩥ The Virginia Real Estate Board regulates:. Answer: businesses and
individuals representing others in real property transactions, including
condominiums, cooperatives, and time-shares.
⩥ The Virginia Real Estate Board is authorized:. Answer: to investigate
any actions of a licensee after receiving a written complaint, along with
documentary evidence, about said licensee.
⩥ The Virginia Real Estate Board:. Answer: approves schools to teach
broker/salespeople courses in real estate
⩥ 180 hours. Answer: Broker license educational criteria require ______
of board-approved real estate study.
⩥ 18 years old. Answer: A person must be ____________ to become
licensed as a real estate salesperson or broker in the state of Virginia.
⩥ may have their applications denied!. Answer: Those applicants who
do NOT follow all board rules and rules of the testing service in taking
the examination:
⩥ to complete and pass a state-approved 60-hour course on the
principles of real estate.. Answer: The Virginia Real Estate Board
currently requires anyone wishing to obtain a real estate license:
, ⩥ 12. Answer: After passing the exam for Principles in Real Estate,
she/he has _______ months to apply for a license.
⩥ must retake and pass the exam again in order to then apply for his
license.. Answer: After 12 months of passing the Principles in Real
Estate class, the applicant:
⩥ The active license always hangs in the ________. Answer: Broker's
main office
⩥ An active license. Answer: one in which the licensee is associated
with a broker, who must certify the new licensee's license application
that he has agreed to be associated with this new licensee.
⩥ What happens to a new real estate license?. Answer: The license will
be sent DIRECTLY TO THE BROKER, and is immediately valid.
⩥ An inactive license. Answer: - one in which the broker or salesperson
is not affiliated with a supervising broker, firm, or sole proprietorship;
he/she may NOT act as a real estate agent in any capacity.
⩥ every two years by the last day of the month. Answer: Salespersons'
and brokers' licenses must be renewed _______ during which the license
was issued.
