State & National Real Estate PSI
Practice Questions and All Correct
Answers 2026 Updated.
All of the above - Answer In Virginia, what action is prohibited in an advertisement for real
estate?
Select one:
A. Failing to get a client's written consent to advertise his property
B. Failing to identify the type of services offered in a general property description
C. Advertising that a property listed by a firm is for sale by owner
D. All of the above
7 days - Answer The initial purchaser of a time-share estate has a statutory right to rescind a
contract to purchase. How long is this rescission period?
Select one:
A. 5 days
B. 7 days
C. 10 days
D. None of the above
By the broker, according to the terms of the contract if neither party files a written objection -
Answer If a contract of sale is not consummated, how are escrow funds disbursed?
Select one:
A. By the settlement attorney, with permission of all parties
B. By the broker, with written permission of the seller
C. By the broker, according to the terms of the contract if neither party files a written objection
D. By the broker, only upon notification of the court
Improper dealing - Answer A broker placed one of her signs on property without permission
from the owner. The broker is guilty of:
Select one:
A. Misrepresentation
B. Violation of anti-trust laws
C. Improper dealing
D. Disparate impact
, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the
Fund - Answer When a claim is paid from the Transaction Recovery fund, which of the
following statements is true?
Select one:
A. The licensee named in the claim must post a bond in order to continue practicing real estate
B. The claimant assigns his rights to the Board, to the extent of the amount of money paid by
the Fund
C. All claims submitted in relation to a licensee's misconduct in a single transaction may not
exceed $20,000
D. All of the above
Protect the public interest - Answer The purpose of Virginia License Law and the Rules and
Regulations is to:
Select one:
A. Make brokers and salespersons more professional
B. Protect the public interest
C. Enable licensed real estate professionals to earn more money
D. Comply with federal law
Lisa is subject to Board censure for violation of Fair Housing laws - Answer Salesperson Lisa is
selling her townhouse to move into a luxury condominium. She advertised her property in the
newspaper as follows: "Beautiful, 3 bedroom townhouse. Excellent assumption. Single females
only. Call 123-4567 for details. Owner is licensed." Which of the following statements is true?
Select one:
A. Lisa has not violated Board regulations since she disclosed her license status
B. Lisa has not violated the Virginia Fair Housing Act since it does not protect marital status
C. Lisa has not violated Board regulations since she is not subject to the license laws
D. Lisa is subject to Board censure for violation of Fair Housing laws
Advertises a listing at lower than listed price - Answer A real estate salesperson's license may
be revoked if the licensee:
Select one:
A. Sells insurance from the real estate office where she is employed
B. Gives a reduced commission rate to a family member
C. Charges more than the legal maximum commission rate
D. Advertises a listing at lower than listed price
Practice Questions and All Correct
Answers 2026 Updated.
All of the above - Answer In Virginia, what action is prohibited in an advertisement for real
estate?
Select one:
A. Failing to get a client's written consent to advertise his property
B. Failing to identify the type of services offered in a general property description
C. Advertising that a property listed by a firm is for sale by owner
D. All of the above
7 days - Answer The initial purchaser of a time-share estate has a statutory right to rescind a
contract to purchase. How long is this rescission period?
Select one:
A. 5 days
B. 7 days
C. 10 days
D. None of the above
By the broker, according to the terms of the contract if neither party files a written objection -
Answer If a contract of sale is not consummated, how are escrow funds disbursed?
Select one:
A. By the settlement attorney, with permission of all parties
B. By the broker, with written permission of the seller
C. By the broker, according to the terms of the contract if neither party files a written objection
D. By the broker, only upon notification of the court
Improper dealing - Answer A broker placed one of her signs on property without permission
from the owner. The broker is guilty of:
Select one:
A. Misrepresentation
B. Violation of anti-trust laws
C. Improper dealing
D. Disparate impact
, The claimant assigns his rights to the Board, to the extent of the amount of money paid by the
Fund - Answer When a claim is paid from the Transaction Recovery fund, which of the
following statements is true?
Select one:
A. The licensee named in the claim must post a bond in order to continue practicing real estate
B. The claimant assigns his rights to the Board, to the extent of the amount of money paid by
the Fund
C. All claims submitted in relation to a licensee's misconduct in a single transaction may not
exceed $20,000
D. All of the above
Protect the public interest - Answer The purpose of Virginia License Law and the Rules and
Regulations is to:
Select one:
A. Make brokers and salespersons more professional
B. Protect the public interest
C. Enable licensed real estate professionals to earn more money
D. Comply with federal law
Lisa is subject to Board censure for violation of Fair Housing laws - Answer Salesperson Lisa is
selling her townhouse to move into a luxury condominium. She advertised her property in the
newspaper as follows: "Beautiful, 3 bedroom townhouse. Excellent assumption. Single females
only. Call 123-4567 for details. Owner is licensed." Which of the following statements is true?
Select one:
A. Lisa has not violated Board regulations since she disclosed her license status
B. Lisa has not violated the Virginia Fair Housing Act since it does not protect marital status
C. Lisa has not violated Board regulations since she is not subject to the license laws
D. Lisa is subject to Board censure for violation of Fair Housing laws
Advertises a listing at lower than listed price - Answer A real estate salesperson's license may
be revoked if the licensee:
Select one:
A. Sells insurance from the real estate office where she is employed
B. Gives a reduced commission rate to a family member
C. Charges more than the legal maximum commission rate
D. Advertises a listing at lower than listed price
