Free Virginia Real Estate Practice Exam

Q1.A real estate agent is working with a buyer to purchase a home with a $300,000 purchase price. Under RESPA requirements, when must the Loan Estimate be provided to the borrower?

• A.Within 1 business day of loan application
• B.Within 3 business days of loan application
• C.Within 5 business days of loan application
• D.At least 7 business days before closing

Q2.A Virginia salesperson places an advertisement for a property listed by her brokerage. Under Virginia Real Estate Board advertising regulations (18 VAC 135-20), what information must be clearly displayed in the advertisement?

• A.The salesperson's personal cell phone number and individual license number.
• B.The name of the brokerage firm as it is registered with the Virginia Real Estate Board.
• C.The full legal name of the seller and the property's assessed value.
• D.A statement that the property is listed by a licensed Virginia real estate salesperson.

Q3.Under the federal Fair Housing Act, which of the following individuals would most likely qualify for the 'housing for older persons' exemption, allowing a community to restrict residency to older adults?

• A.A community where 80% of the occupied units have at least one resident who is 55 years of age or older
• B.A community where all residents must be at least 50 years of age
• C.A community where 51% of residents are over the age of 62
• D.Any retirement community that publishes a policy restricting families with children

Q4.A listing agent receives two offers simultaneously. Offer A is from a buyer using conventional financing, and Offer B is for a slightly higher price from a buyer using an FHA loan. The seller instructs the agent to reject Offer B solely because of the FHA financing. Which federal law is most directly implicated by the seller's instruction?

• A.RESPA, because it regulates settlement services and loan types.
• B.The Fair Housing Act, because rejecting a buyer based on their financing source can constitute discrimination on the basis of race or national origin.
• C.ECOA, because it prohibits creditors from discriminating in lending on the basis of credit type.
• D.Truth-in-Lending Act, because lenders must disclose all loan terms to prospective borrowers.

Q5.Under the Virginia Residential Property Disclosure Act, when a seller of residential property provides the required disclosure, what is the seller's primary obligation regarding the condition of the property?

• A.The seller must conduct a professional inspection and warrant the property is free from all defects.
• B.The seller must disclose all known material defects in writing on the Residential Property Disclosure Statement.
• C.The seller must complete the Residential Property Disclosure Statement indicating the buyer should exercise due diligence and that the seller makes no representations beyond the statutory disclosure.
• D.The seller must provide a written warranty of habitability covering all major systems for one year.

Q6.An effective anti-harassment policy should promise:

• A.Absolute confidentiality — no details of a complaint will ever be shared
• B.Complete transparency — all agents will be informed of complaints
• C.Confidentiality only for the alleged harasser's identity
• D.Maximum confidentiality consistent with the investigation — not absolute confidentiality

Q7.A property's annual real estate taxes of $3,600 are paid in advance on January 1st. If the property closes on September 15th and the buyer is responsible for taxes from the closing date forward, what amount will the seller owe the buyer at closing? (Use a 365-day year.)

• A.$1,065
• B.$1,055
• C.$2,535
• D.$1,350

Q8.Which fiduciary duty requires an agent to place the client's interests above their own and avoid conflicts of interest?

• A.Duty of care
• B.Duty of loyalty
• C.Duty of disclosure
• D.Duty of accounting

Q9.A Virginia real estate salesperson applicant has passed the PSI licensing examination. Under 18 VAC 135-20, the examination passing score is valid for which period before the application for licensure must be submitted?

• A.6 months from the date the examination was passed.
• B.12 months from the date the examination was passed.
• C.24 months from the date the examination was passed.
• D.The score never expires as long as the applicant's pre-license education certificate remains valid.

Q10.A buyer asks a Virginia licensee whether anyone has ever died in the home being shown. Under the Virginia Residential Property Disclosure Act (Code of Va. § 55.1-702), how should the licensee respond?

• A.The licensee must research public records and provide a complete death history for the property
• B.The licensee is not required to disclose that a death occurred on the property and such a fact is not a material fact that must be revealed
• C.The licensee must disclose any death that occurred within the past five years
• D.The licensee must disclose violent deaths but is not required to disclose deaths from natural causes

Q11.Under the Virginia Residential Property Disclosure Act (Code of Va. § 55.1-700 et seq.), when must a seller of residential property deliver the required Residential Property Disclosure Statement to a prospective buyer?

• A.At or before the time the buyer makes a written offer to purchase the property
• B.Within three business days after the ratification of a purchase contract
• C.At or before the time of settlement
• D.Only if the buyer submits a written request for the disclosure

Q12.A Virginia broker maintains a property management escrow account and a sales escrow account. A new client gives the broker earnest money for a home purchase. According to Virginia Real Estate Board regulations, into which account must the broker deposit these funds?

• A.Either account, at the broker's discretion, as long as records are kept
• B.The sales escrow account, because sales deposits must be kept separate from property management funds
• C.A single pooled account combining all client funds for efficiency
• D.The broker's operating account until closing is confirmed

Q13.Which of the following is generally TRUE about occupancy standards under the FHA?

• A.Two-per-bedroom is a fixed federal rule
• B.Occupancy limits cannot be applied to families with children at all
• C.HUD's Keating Memo treats two-per-bedroom as a presumptive starting point, evaluated against bedroom size, configuration, age of occupants, and local codes
• D.Landlords must accept any number of occupants requested by a tenant

Q14.Under the Fair Housing Act, which of the following actions would constitute illegal discrimination in the sale of residential property?

• A.Refusing to sell to a buyer because they cannot qualify for financing
• B.Advertising a property as 'perfect for young professionals' in a college newspaper
• C.Requiring all buyers to provide proof of income and employment
• D.Charging different commission rates based on the sale price of the home

Q15.A Virginia salesperson learns during a listing appointment that the seller's home has a foundation crack that the seller has concealed with fresh paint. The seller instructs the salesperson not to tell any buyers. Under Virginia law, what is the salesperson's correct course of action?

• A.Follow the seller's instructions, since Virginia is a caveat emptor state and buyers must conduct their own inspections.
• B.Disclose the known material adverse fact to prospective buyers, even if it means withdrawing from the listing if the seller refuses to allow disclosure.
• C.Place a general disclaimer in the MLS remarks advising buyers to inspect the property, which satisfies the disclosure obligation.
• D.Disclose the defect only if a buyer specifically asks whether there are any foundation issues.