VIRGINIA PSI
Virginia PSI Exam Prep By Performance Programs
Company (115 Questions) With Answers.
What is the purpose of Chapter 21 in the Virginia code? - ✔✔✔- To present license
requirements brokerage relationships and Real Estate Board authorizations
Delaney is licensed under a real estate firm and legally performs real estate activities for an
average of at least 40 hours a week. What term would she properly be called? - ✔✔✔- Actively
engaged salesperson
Josh hired an unlicensed assistant what activities can the assistant participate in? - ✔✔✔-
Compute commission checks
How long does a license have to reinstate her license after it expires - ✔✔✔- 30 Calendar days
If an aggrieved party's claim is related to a single transaction with only one claimant and one
licensee what is the maximum payment that can be granted from the Recovery Fund? - ✔✔✔-
20,000
Rick wants to file a complaint with the DPOR against a licensee for allegedly violating a license
law statute. How much time does he have to file a complaint? - ✔✔✔- 3 years
What is the name of a license issued by the board to brokers active in more than one firm at the
same time? - ✔✔✔- Concurrent license
What best characterizes the mission of the Virginia Real Estate Board? - ✔✔✔- To certify and
license practitioners and to enforce laws with rules and regulations
VIRGINIA PSI Page 1
, VIRGINIA PSI
What happens if a licensee fails to provide a lead paint disclosure to buyers or tenants? -
✔✔✔- The licensee can face a civil penalty up to $10,000 for each violation
Bill wants to apply for his brokers license. How long must he be actively engaged in real estate
before applying? - ✔✔✔- 40 hours a week for 36 months of the 48 months prior to applying
How many hours post license education are required within the first year of licensure - ✔✔✔-
30 hours
Kelly got her salesperson license on September 20,2019 when does her license expire? - ✔✔✔-
September 30, 2021
What is a business entity - ✔✔✔- A partnership, association, corporation, or LLC
What does the REB have jurisdiction over - ✔✔✔- Determining license fees
What would be deemed improper by the Virginia Administration Code? - ✔✔✔- Entering into a
brokerage relationship that does not include a termination date
How often is the Code of Virginia amended? - ✔✔✔- The code gets amended as needed at its
annual meeting
What does DPOR stand for - ✔✔✔- Department of Professional and Occupational Regulation
Who maintains REB records - ✔✔✔- Director of the DPOR
VIRGINIA PSI Page 2
Virginia PSI Exam Prep By Performance Programs
Company (115 Questions) With Answers.
What is the purpose of Chapter 21 in the Virginia code? - ✔✔✔- To present license
requirements brokerage relationships and Real Estate Board authorizations
Delaney is licensed under a real estate firm and legally performs real estate activities for an
average of at least 40 hours a week. What term would she properly be called? - ✔✔✔- Actively
engaged salesperson
Josh hired an unlicensed assistant what activities can the assistant participate in? - ✔✔✔-
Compute commission checks
How long does a license have to reinstate her license after it expires - ✔✔✔- 30 Calendar days
If an aggrieved party's claim is related to a single transaction with only one claimant and one
licensee what is the maximum payment that can be granted from the Recovery Fund? - ✔✔✔-
20,000
Rick wants to file a complaint with the DPOR against a licensee for allegedly violating a license
law statute. How much time does he have to file a complaint? - ✔✔✔- 3 years
What is the name of a license issued by the board to brokers active in more than one firm at the
same time? - ✔✔✔- Concurrent license
What best characterizes the mission of the Virginia Real Estate Board? - ✔✔✔- To certify and
license practitioners and to enforce laws with rules and regulations
VIRGINIA PSI Page 1
, VIRGINIA PSI
What happens if a licensee fails to provide a lead paint disclosure to buyers or tenants? -
✔✔✔- The licensee can face a civil penalty up to $10,000 for each violation
Bill wants to apply for his brokers license. How long must he be actively engaged in real estate
before applying? - ✔✔✔- 40 hours a week for 36 months of the 48 months prior to applying
How many hours post license education are required within the first year of licensure - ✔✔✔-
30 hours
Kelly got her salesperson license on September 20,2019 when does her license expire? - ✔✔✔-
September 30, 2021
What is a business entity - ✔✔✔- A partnership, association, corporation, or LLC
What does the REB have jurisdiction over - ✔✔✔- Determining license fees
What would be deemed improper by the Virginia Administration Code? - ✔✔✔- Entering into a
brokerage relationship that does not include a termination date
How often is the Code of Virginia amended? - ✔✔✔- The code gets amended as needed at its
annual meeting
What does DPOR stand for - ✔✔✔- Department of Professional and Occupational Regulation
Who maintains REB records - ✔✔✔- Director of the DPOR
VIRGINIA PSI Page 2
