Virginia Real Estate Salesperson Exam — Study Guide
Free, topic-by-topic study notes for the Virginia Real Estate Salesperson Exam exam. Read a chapter, then practice it.
Property Ownership
This national topic covers the bundle of rights, the estates in land, and how two or more people can hold title together, including the important right of survivorship.
Land Use Controls and Regulations
Both government and private parties limit how land is used. This topic covers zoning, variances, eminent domain, and private restrictions and easements.
Valuation and Market Analysis
This topic explains the principles of value, the three appraisal approaches, and how licensees use a comparative market analysis to advise clients on price.
Financing
This topic covers how buyers finance real estate, including notes and security instruments, the parties to a deed of trust, and the major federal lending laws.
Contracts
Contracts are the most heavily weighted national topic. You must know the elements of a valid contract, the statute of frauds, offer and acceptance, and remedies for breach.
Agency
Agency defines whom a licensee represents and what duties are owed. This topic covers creation of agency, fiduciary duties, and representation options.
Property Disclosures
This topic covers the duty to disclose material defects and the required federal environmental disclosures that protect buyers.
Transfer of Title
Title is the evidence of ownership. This topic covers deeds and their covenants, how title passes, and how recording protects it.
Practice of Real Estate
This topic covers a licensee's professional and ethical duties, including fair housing, trust fund handling, and truthful advertising.
Property Management
This topic covers the property manager's role, the management agreement, and the lease types and landlord-tenant rules that govern rentals.
Real Estate Calculations
This topic reviews the math a licensee needs for commissions, proration, area, and financing problems on the exam.
State License Law (Virginia)
Virginia real estate practice is regulated by the Virginia Real Estate Board within the Department of Professional and Occupational Regulation (DPOR). This topic covers licensing structure, broker supervision, and conduct standards.
State Agency Rules (Virginia)
Virginia requires written brokerage agreements, disclosure of brokerage relationships, and a residential property disclosure that emphasizes buyer due diligence.
State Practice, Closing, and Escrow (Virginia)
This topic covers how Virginia transactions are closed, how escrow funds are handled, and the role of the settlement agent.
State Licensing Requirements (Virginia)
This topic covers Virginia's education, examination, and renewal requirements, including the post-license education for new salespersons.
Practice by topic
Jump straight into free practice questions for any single Virginia Real Estate Salesperson Exam topic.