VIRGINIA LICENSE LAW COMPREHENSIVE EXAM
QUESTIONS AND SOLUTIONS 2025/2026 ALL GRADED A+
✔✔a motel clerk furnishes a broker with leads to prospective buyers in exchange for
20% of the commission collected by the broker. which of the following is true in this
situation?
A. this is standard practice
B. this is never permissible
C. the clerk must be a licensee
D. all are true - ✔✔C. the clerk must be a licensee
✔✔the minimum balance of the Virginia Real Estate Transaction Recovery Fund is:
A. $100,000
B. $400,000
C. $250,000
D. $600,000 - ✔✔B. $400,000
✔✔when obtaining a license by reciprocity, the licensee must:
A. pass the state portion of the exam
B. pass the national portion of the exam
C. pass the salesperson's exam
D. pass the broker's exam - ✔✔A. pass the state portion of the exam
✔✔which of the following needs to have a broker's license?
A. A partner in a brokerage partnership who does not participate in the brokerage
business of the partnership
B. a lawyer
C. president of a brokerage corporation who is active in the business
D. An attorney-in-fact - ✔✔C. president of a brokerage corporation who is active in the
business
✔✔To declare a condominium you must:
A. own the land
B. Register with REB
C. deliver a disclosure packet to every prospect
D. convene a Home Owners Meeting - ✔✔B. Register with REB
✔✔under "Megan's Law":
,A. the licensee must investigate the neighborhood for the possible presence of sex
offenders
B. the buyer must investigate the neighborhood for the possible presence of sex
offenders
C. sex offenders must register with the VREB
D.the licensee must provide basic information about the law to the buyer - ✔✔D. the
licensee must provide basic information about the law to the buyer
✔✔which of the following is true when a broker opens a new office?
A. the VREB will issue a license for the branch
B. a salesperson with five years experience can run the office
C. the names and address of all the salespersons must be submitted to the VREB
D. the broker must hire at least one salesperson - ✔✔A. the VREB will issue a license
for the branch
✔✔in Virginia rent is late:
A. after 10 days
B. after 30 days
C. after 5 days
D. after 45 days - ✔✔C. after 5 days
✔✔a licensed real estate salesperson may be all of the following. EXCEPT:
A. an independent contractor for his/her broker
B. an employee of his/her broker
C. paid on either salary or commission basis
D. a partner in a Real Estate Firm - ✔✔D. a partner in a Real Estate Firm
✔✔if a broker self-audit shows noncompliance:
A. the broker may follow the voluntary compliance rules
B. the broker is immune from prosecution if they notify the REB in writing, with a
remediation plan.
C. Licensees who may be implicated are not immune
D. all of the above - ✔✔D. all of the above
✔✔when monies are paid from the Virginia Real Estate Transaction Recovery Fund due
to the activities of a licensee, this will result in:
A. Automatic suspension of license
B. a fine not to exceed $2,000
C. no action if immediately repaid
D. Revocation of real estate license - ✔✔D. Revocation of Real estate license
, ✔✔if a licensee has repaid the VREB for amount awarded under the Virginia Real
Estate Transaction Recovery Fund, which of the following is true?
A. his/her license is automatically renewed
B. the VREB is not allowed to take any additional action
C. licensee must post a bond
D. none of the above - ✔✔D. none of the above
✔✔which of the following is NOT expert from the Virginia Condominium act?
A. sale of commercial condos
B. sale of industrial condos
C. sale of condos in a three-unit building
D. sale of condos in a 50-unit complex - ✔✔D. sale of condos in a 50-unit complex
✔✔on the resale of a time share, the right of rescission is for:
A. 7 days
B. 10 days
C. 45 days
D. 5 days - ✔✔D. 5 days
✔✔in general, online advertising must include:
A. property address
B. firm name
C. telephone number
D. jurisdiction where licensed - ✔✔B. Firm name
✔✔when a salesperson transferees from one broker to another, the former broker must:
A. Return the salesperson's license by certified mail within 10 days
B. hand deliver the salesperson's license to the VREB
C. allow the salesperson the option to continue working until all of the salesperson's
transactions are completed
D. give the salesperson his/her license to deliver to his/her new employing broker -
✔✔A. return the salespersons license by certified mail within 10 days
✔✔one day after an exclusive right to sell listing agreement has expired, a salesperson
who works for a listing broker, buys the property. which of the following is true in this
situation?
A. this is proper providing the salesperson reveals to the seller his/her license status
and relationship with the listing broker
QUESTIONS AND SOLUTIONS 2025/2026 ALL GRADED A+
✔✔a motel clerk furnishes a broker with leads to prospective buyers in exchange for
20% of the commission collected by the broker. which of the following is true in this
situation?
A. this is standard practice
B. this is never permissible
C. the clerk must be a licensee
D. all are true - ✔✔C. the clerk must be a licensee
✔✔the minimum balance of the Virginia Real Estate Transaction Recovery Fund is:
A. $100,000
B. $400,000
C. $250,000
D. $600,000 - ✔✔B. $400,000
✔✔when obtaining a license by reciprocity, the licensee must:
A. pass the state portion of the exam
B. pass the national portion of the exam
C. pass the salesperson's exam
D. pass the broker's exam - ✔✔A. pass the state portion of the exam
✔✔which of the following needs to have a broker's license?
A. A partner in a brokerage partnership who does not participate in the brokerage
business of the partnership
B. a lawyer
C. president of a brokerage corporation who is active in the business
D. An attorney-in-fact - ✔✔C. president of a brokerage corporation who is active in the
business
✔✔To declare a condominium you must:
A. own the land
B. Register with REB
C. deliver a disclosure packet to every prospect
D. convene a Home Owners Meeting - ✔✔B. Register with REB
✔✔under "Megan's Law":
,A. the licensee must investigate the neighborhood for the possible presence of sex
offenders
B. the buyer must investigate the neighborhood for the possible presence of sex
offenders
C. sex offenders must register with the VREB
D.the licensee must provide basic information about the law to the buyer - ✔✔D. the
licensee must provide basic information about the law to the buyer
✔✔which of the following is true when a broker opens a new office?
A. the VREB will issue a license for the branch
B. a salesperson with five years experience can run the office
C. the names and address of all the salespersons must be submitted to the VREB
D. the broker must hire at least one salesperson - ✔✔A. the VREB will issue a license
for the branch
✔✔in Virginia rent is late:
A. after 10 days
B. after 30 days
C. after 5 days
D. after 45 days - ✔✔C. after 5 days
✔✔a licensed real estate salesperson may be all of the following. EXCEPT:
A. an independent contractor for his/her broker
B. an employee of his/her broker
C. paid on either salary or commission basis
D. a partner in a Real Estate Firm - ✔✔D. a partner in a Real Estate Firm
✔✔if a broker self-audit shows noncompliance:
A. the broker may follow the voluntary compliance rules
B. the broker is immune from prosecution if they notify the REB in writing, with a
remediation plan.
C. Licensees who may be implicated are not immune
D. all of the above - ✔✔D. all of the above
✔✔when monies are paid from the Virginia Real Estate Transaction Recovery Fund due
to the activities of a licensee, this will result in:
A. Automatic suspension of license
B. a fine not to exceed $2,000
C. no action if immediately repaid
D. Revocation of real estate license - ✔✔D. Revocation of Real estate license
, ✔✔if a licensee has repaid the VREB for amount awarded under the Virginia Real
Estate Transaction Recovery Fund, which of the following is true?
A. his/her license is automatically renewed
B. the VREB is not allowed to take any additional action
C. licensee must post a bond
D. none of the above - ✔✔D. none of the above
✔✔which of the following is NOT expert from the Virginia Condominium act?
A. sale of commercial condos
B. sale of industrial condos
C. sale of condos in a three-unit building
D. sale of condos in a 50-unit complex - ✔✔D. sale of condos in a 50-unit complex
✔✔on the resale of a time share, the right of rescission is for:
A. 7 days
B. 10 days
C. 45 days
D. 5 days - ✔✔D. 5 days
✔✔in general, online advertising must include:
A. property address
B. firm name
C. telephone number
D. jurisdiction where licensed - ✔✔B. Firm name
✔✔when a salesperson transferees from one broker to another, the former broker must:
A. Return the salesperson's license by certified mail within 10 days
B. hand deliver the salesperson's license to the VREB
C. allow the salesperson the option to continue working until all of the salesperson's
transactions are completed
D. give the salesperson his/her license to deliver to his/her new employing broker -
✔✔A. return the salespersons license by certified mail within 10 days
✔✔one day after an exclusive right to sell listing agreement has expired, a salesperson
who works for a listing broker, buys the property. which of the following is true in this
situation?
A. this is proper providing the salesperson reveals to the seller his/her license status
and relationship with the listing broker
