Virginia Real Estate Broker Exam — All Questions
4 questions
Which body licenses and regulates real estate brokers in Virginia?
- a.The Virginia Association of Realtors
- b.The Real Estate Board within the Department of Professional and Occupational Regulation (DPOR)✓
- c.The Virginia State Corporation Commission
- d.The Virginia Department of Housing
Real estate licensing in Virginia is governed by Title 54.1 of the Code of Virginia and the Real Estate Board regulations, administered by the Department of Professional and Occupational Regulation (DPOR). The Board licenses and disciplines brokers and salespersons. A trade association such as the Virginia Association of Realtors is a private membership group with no licensing authority.
A Virginia broker's supervisory responsibility over affiliated salespersons and associate brokers includes:
- a.Doing nothing, since each licensee is fully independent
- b.Only collecting their license fees
- c.Active and reasonable supervision of their transactions, advertising, disclosures, and handling of client money✓
- d.Filing their personal income taxes
A Virginia broker is responsible for the active and reasonable supervision of the salespersons and associate brokers affiliated with the firm, including their transactions, advertising, disclosures, and handling of client money. The broker is accountable for their licensed conduct, which is why the Virginia broker exam includes a Broker-only supervision section not on the salesperson exam.
In Virginia, an unlicensed assistant working for a broker may:
- a.Perform only limited, ministerial tasks and may not negotiate terms or advise on a transaction✓
- b.Negotiate the price of a sale on the broker's behalf
- c.Hold an open house and advise buyers about offers
- d.Sign contracts for clients
Unlicensed personnel may perform only limited, ministerial tasks and may not engage in activities requiring a license, such as negotiating terms or advising about a transaction. The broker must ensure unlicensed assistants stay within permitted duties. Allowing an unlicensed person to perform licensed activity, or paying them for it, is a violation for which the broker is responsible.
To reach the broker tier in Virginia, a candidate generally must:
- a.Only pass a background check
- b.Hold a salesperson license for one week
- c.Have a law degree
- d.Gain qualifying salesperson experience and complete additional broker education✓
Virginia's broker license is a higher tier that requires qualifying salesperson experience plus additional broker education beyond the salesperson requirement. This added preparation reflects the broker's greater responsibility for supervising licensees and unlicensed staff and for handling the firm's escrow funds.