If you’re interested in becoming a real estate agent in Virginia, you’re in the right place. Working in real estate can be a rewarding and exciting career. But in order to get started, you’ll need to pass your Virginia real estate exam. While that may sound overwhelming, the experience can be made a lot easier when you’re better prepared.
In today's article, we'll discuss everything you need to know to prepare for the Virginia Real Estate Salesperson Exam.
What We’ll Cover
This article will include essential study tips and answers to the most frequently asked questions, like:
- How do you schedule your exam?
- Where do you take the Virginia real estate exam?
- How much does it cost to take the Virginia real estate exam?
- Where do you take the Virginia real estate exam?
- What is on the Virginia real estate exam?
- How hard is the Virginia real estate exam?
- How many times can you take the Virginia real estate exam?
- Virginia real estate exam practice questions
- Important calculations to remember for the exam
- What should you expect on the day of your test?
- How will you get your exam results?
- What do you do after you complete your exam?
- Where do you learn more about getting your real estate license in Virginia?
What Comes Before the Virginia Real Estate Exam?
The first step in getting your real estate license in Virginia is to complete 60 hours of required pre-license education. It's a single course called Virginia Principles and Practices of Real Estate.
You'll need to take your Virginia real estate class with a Virginia Real Estate Board (VREB) approved education provider. As a state-approved real estate school, we have VA pre-licensing packages that include the mandatory course as well as Virginia real estate exam prep.
How To Schedule Your Exam
The Virginia real estate exam is administered by a third-party company called PSI.
Once you've successfully passed your VA pre-license courses, your education provider will submit your information to PSI, letting them know you're eligible to take your real estate exam. At that point, you'll be able to register with PSI one of four ways: online, by mail, by phone, or by fax.
Where Do You Take the Virginia Real Estate Exam?
PSI has testing site locations around and near the state of Virginia where you can take your exam:
- Alexandria
- Fredericksburg
- Harrisonburg
- Charlottesville
- Eastern Shore area (Salisbury, MD)
- Johnson City, TN
- Midlothian
- Norfolk
- Richmond
- Roanoke
- Stafford
- Tazewell
- Vienna
- Virginia Beach
How Much Does It Cost To Take The Virginia Real Estate Exam?
The Virginia real estate exam costs $60 per attempt. You'll pay this fee directly to PSI when you register for the exam.
Is The Virginia Real Estate Exam Hard?
The Virginia real estate exam's pass rate in 2023 was only 34%. In other words, only a little more than a third of test takers passed on the first try.
The good news is that the number rockets up to 93% among students who take exam prep seriously with solutions like our Virginia real estate exam prep. You can purchase it bundled with your VA pre-license courses or buy it separately later.
Our exam prep resources include topic reviews, hundreds of practice questions remixed into timed Virginia real estate practice exams, and specific feedback on your answers. You're sure to be prepared when you sit down for the exam.
How Many Times Can You Take The Virginia Real Estate Exam?
You can take the Virginia real estate exam as many times as you need to pass, but you'll need to pay the $60 exam fee each time. That's why investing in structured exam prep is smart!
What Is on the Virginia Real Estate Exam?
The Virginia real estate exam has national and state-specific portions. It will test you on things you learned in your pre-license coursework, including:
- National
- Property Ownership (10% of the test)
- Land Use Controls (5%)
- Valuation (8%)
- Financing (10%)
- Contracts (19%)
- Agency (13%)
- Property Disclosures (7%)
- Property Management (3%)
- Transfer of Title (6%)
- Practice of Real Estate (12%)
- Real Estate Calculations (7%)
- State
- Licensing (20% of the test)
- Escrow Accounts (5%)
- Disclosure Requirements (25%)
- Agency Definitions and Relationships (30%)
- Virginia Fair Housing Law and Regulations (10%)
- Specific Acts Pertaining to Real Estate Practice (10%)
You can find a more detailed breakdown of these topics in PSI's information booklet.
Virginia Real Estate Exam Practice Questions
If you're looking to find a Virginia real estate practice exam free, PSI's informational pdf has sample questions inside.
Here are a few examples:
A. Which of the following interests in property is held by a person who is granted a lifetime use of a property that will be transferred to a third party upon the death of the lifetime user?
- A life estate.
- A remainder estate.
- An estate for years.
- A reversionary estate.
B. Which of the following statements BEST identifies the meaning of the term “rescission of a contract”?
- A ratification of a contract by all parties.
- A return of all parties to their condition before the contract was executed.
- A transfer or assignment of a particular responsibility from one of the parties to another.
- A review of the contract by the legal counsel of either party that may result in a cancellation without penalty or further obligation.
C. Which of the following clauses in a mortgage allows the lender to demand loan repayment if a borrower sells the property?
- Defeasance
- Prepayment
- Acceleration
- Alienation
Correct answers to these questions: A=1, B=2, C=4
You can find a few more free practice questions in the booklet, which you can download through PSI or VREB's website, and you may be able to find a few more on the internet.
But if you want unlimited practice questions with helpful feedback when you answer incorrectly, you'll want our Virginia real estate exam prep package.
Important Calculations to Remember
Up to 10% of the national portion of the salesperson exam will be made up of real estate calculations. You'll need to know:
- Basic math concepts
- Loan-to-value ratios
- Rate of return/capitalization rate
- Equity
- Discount points and loan origination fees
- Calculations for transactions
- Property tax and other prorations
- Seller’s net proceeds
- Buyer funds needed at closing
- Real property transfer fees
- PITI (Principal, Interest, Taxes and Insurance) payments
Study up and make sure you know the necessary formulas!
What Should You Expect on the Day of Your Test?
PSI recommends arriving 30 minutes early on the day of your exam. That will give you time to sign in and verify your identity. It's also smart because it keeps you from being late. If you are, they won't let you in, and you'll forfeit the $60 exam fee.
PSI requires you to bring two forms of ID to the testing site. One should be your primary identification with your photo and signature. Examples include a driver's license, ID card, or passport. The other form of ID will just need your name and signature, like a credit or debit card. You'll also be fingerprinted for security/identification purposes, but this is NOT the fingerprinting that is required for licensure.
The testing center will be very strict about what you can bring to the test. Most items will have to go in secure storage, including electronics, purses, notebooks, writing implements, food, drink, and good luck items. You won't even be allowed to wear bulky or loose clothing items. Everything must be securely stored.
You'll be allowed to bring a non-programmable calculator, but there's a calculator inside the testing program, so you won't really need it.
Virginia gives you the option of taking the test on the computer or on paper. Either way, you have 105 minutes for the 80-question national portion of the salesperson exam and 45 minutes for the 40-question state portion.
The exam may also include 5-10 "experimental" questions that won't affect your score. Don't panic if you see something completely unexpected on the test. It could be a question that won't count against you at all.
How Will You Get Your Exam Results?
You'll get your exam results immediately if you take the computer-based version of the exam. If you opt to take the exam on paper, you'll need to wait for your results to be mailed to you.
If you pass, you'll get a score report. If you fail, you'll get a diagnostic report that will help you understand what topics you need to study.
To pass the national portion, you need to answer 56 of 80 correctly. To pass the state portion, you need to answer 30 of the 40 questions correctly.
What Happens If You Fail the Virginia Real Estate Exam?
The national and state portions of the exam are scored separately, so it's possible to pass one and fail another. You'll need to schedule a second attempt at the portion you failed if this happens to you. To make use of the portion you passed, you need to pass the other portion within one year of your original exam date, or the results will expire.
Investing in an exam prep package drastically improves your chances of passing the entire test on the first try, so we recommend it!
What To Do After You Complete Your Exam
After you pass both portions of the exam, the next step is to get fingerprinted for a background check. You can do this at any PSI testing center without an appointment for a $52 fee. It may take 4 to 6 weeks to get your background check after you're fingerprinted.
Next, it's time to find a sponsoring broker for your license application. The timing is tricky. Your license application must be submitted within 45 calendar days of your completed background check (up to 3 months after your fingerprinting).
Finding the right employing broker to put on your application can take time. As a result, you may not want to initiate your completed background check unless you've found a sponsoring broker.
Your license application must be submitted within 365 days of your original real estate exam date. You'll pay a $150 license application fee when you submit.
Where Do You Learn More About Getting Your Real Estate License in Virginia?
You'll find the most current information about real estate licensing through the Virginia Real Estate Board. Their contact information is:
Commonwealth of Virginia
Department of Professional and Occupational Regulation
Real Estate Board
9960 Maryland Drive, Suite 400
Richmond, VA 23233
Phone: (804) 367-8526
email: REBoard@dpor.virginia.gov
dpor.virginia.gov
Start Your Journey Today
Are you ready to get your Virginia real estate salesperson license? VanEd has everything you need to get you started on your journey. From our pre-licensing course to our exam prep courses, our goal is to help you pass your exam and begin your exciting new career in real estate. Check out our courses on our website to enroll today!
Written and Published by: VanEd
