If you've decided that a career in real estate is for you and you live in Virginia, your next question is probably, "how much does a VA real estate license cost?"
How Do You Get a Real Estate License in Virginia?
To get your real estate license in Virginia as a new agent, you need to complete four steps.
First, you need to complete 60 hours of pre-license education with an approved provider (like us!).
Next, you have to take and pass the Virginia real estate exam. It's administered at PSI Exam Centers throughout the state.
The licensing exam is 2.5 hours long and consists of two parts: the national portion and the state portion. You have 1 hour and 45 minutes to complete 80 national questions and 45 minutes for 40 state-specific questions. You'll need to answer at least 56 national questions (70%) and 30 state questions (70%) correctly to pass. Check out the sample questions at the end of this article.
Thirdly, you'll get fingerprinted for a background check (and pass). You have two options. You can get fingerprinted at the PSI testing center on a walk-in basis during certain hours or you can make an appointment at a Fieldprint location for Livescan fingerprinting.
If you do have a criminal record or another blemish, it's not an automatic dealbreaker. You'll need to submit a Criminal Conviction Reporting Form with your application and disclose your history up front, but Virginia state law requires the Department of Professional and Occupational Regulation to make a case-by-case assessment. They'll take into account whether your prior conviction is directly related to working in real estate, your age when you committed the crime, how much time has passed, your conduct since the conviction, and more.
Finally, you'll submit your license application online or by mail to the Virginia Real Estate Board (VREB), which will review your application and decide whether or not to approve it.
How Much Does It Cost To Get A Real Estate License In Virginia?
Earning a real estate license in VA costs as little as $435, but the total cost of the application process will depend on a few factors. Here's the breakdown.
Virginia Pre-License Course Cost: $150-500
The cost of your required Virginia pre-license education will vary based on how and where you complete the coursework. Online courses will cost less than going to a classroom, for example.
Our online VA pre-license education package, which includes both the required courses plus Virginia Real Estate Exam prep, is just $153.
However, with some schools, these courses can run for $500.
Virginia Real Estate Exam Cost: $60 per attempt
You'll need to pay a $60 fee every time you sit for the Virginia Real Estate Exam.
With the right planning and preparation, you should only need to take the test once, but keep in mind that the results are only good for one year. If your application isn't completed before the first anniversary of your exam date, you'll need to take the exam again.
Fingerprint and Background Check: $52 per attempt
PSI charges a $25 fee on top of the state processing fee of $27 for a total of $52.
VREB requires you to get fingerprinted for a background check right before your application is processed so that the information is fresh. Your fingerprinting results will expire after 45 days. You need to get your completed application to VREB within that window or risk having to pay the fee twice.
Virginia Real Estate Salesperson Application Fee: $170
The VREB requires a $170 application fee for a salesperson license. They accept credit cards, as well as checks or money orders made out to the Treasurer of Virginia.
Post-License Costs and Realtor Fees in Virginia
It's important to know in advance that the investment won't end when your Virginia real estate license gets issued. It can take time to earn your first commission, and being your own boss isn't cheap.
You'll need to account for Virginia REALTOR fees for the NAR that run at least $500 annually, another $700 a year in MLS costs, as well as Errors & Omissions insurance and 30 hours of post-licensing education before your first license renewal.
Then there are your brokerage fees. Realtors in Virginia often pay their brokerage firm a variety of fees, including part of the commission on each sale, monthly desk fees, mentor fees, training fees, and fees to cover office costs towards technology, office supplies, printing and copying, and more.
Not to mention, you'll need a way to pay all your regular bills until your income starts rolling in.
How Do You Pass the Virginia Real Estate Exam on the First Try?
You can save a little money during the application process by making sure you pass your Virginia Real Estate Exam the first time you take it.
Your pre-license courses teach you the material you'll see in the test, so the first tip is to pay attention to your coursework, take notes, and try to do well on the built-in quizzes and tests.
Then we recommend you invest in a Virginia Real Estate Exam Prep course like ours. This will provide guidance on what topics will be included on the exam. You'll also get a huge pool of practice questions for you to work through. By taking practice tests first, you'll walk into the exam with some idea of how you'll score.
Sample Virginia Real Estate Exam Questions
Want a sneak peek of the practice questions you can expect? Below, you'll find a few sample test questions – enroll in exam prep to get more!
1. 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
2. Which of the following clauses in a mortgage allows the lender to demand loan repayment if a borrower sells the property?
3. How much cash MUST a buyer furnish in addition to a $2,500 deposit if the lending institution grants a 90% loan on an $80,000 property?
- None of the above
Written and Published by: VanEd