VA Real Estate study guide
VA Real Estate · Work through your exam, one topic at a time.
The Virginia Real Estate Salesperson credential is a state-issued occupational license administered through the Virginia Department of Professional and Occupational Regulation (DPOR), which lists "Real Estate Salespeople & Brokers" among the professions it regulates and maintains a Real Estate board alongside a separate Real Estate Appraiser board. The license is intended for individuals who want to work under a supervising broker to list, market, and sell or lease real property for others in Virginia, and it is the entry-level step before the broker license. The VA Real Estate study guide has 8 sections and about 2,500 words.
01Virginia Real Estate Law, Board Regulations, and Licensing Requirements
The Virginia Real Estate Board (VREB), staffed through the Department of Professional and Occupational Regulation (DPOR), licenses and disciplines brokers, salespersons, and firms, and writes the regulations that govern practice. Candidates must know the entry requirements: 60 hours of approved pre-license education for a salesperson and 180 hours for a broker, plus experience for the broker license.
313 words, about 2 min02Agency Relationships, Fiduciary Duties, and Disclosures
Virginia's brokerage-relationship statutes require a broker to disclose, at the earliest practical time and in writing, whom the firm represents: the seller/landlord, the buyer/tenant, or both (dual agency). Dual agency and designated representation require the informed written consent of all parties.
286 words, about 1 min03Contracts, Purchase Agreements, and Contingencies
A valid contract needs offer, acceptance, consideration, capacity, and legality, and must satisfy the statute of frauds-in writing and signed by the party to be charged, including leases longer than one year. Virginia purchase agreements are commonly written on Virginia REALTORS® forms, but the exam tests concepts, not form numbers.
317 words, about 2 min04Ownership, Interests in Real Property, and Property Rights
Freehold estates include fee simple absolute, fee simple defeasible (determinable or subject to condition subsequent), and life estates. Leaseholds are personal property interests.
311 words, about 2 min05Transfer of Title, Deeds, Recording, and Settlement
Know the deed ladder: general warranty (grantor warrants the entire chain of title), special warranty (warrants only against defects arising during the grantor's ownership), bargain and sale, and quitclaim (no warranties at all). The general warranty covenants are seisin, right to convey, freedom from encumbrances, quiet enjoyment, warranty, and further assurances.
317 words, about 2 min06Financing, Mortgages, and Lender Requirements
Conventional loans are not government insured; FHA loans permit low down payments with mortgage insurance premiums; VA loans are guaranteed by the Department of Veterans Affairs, typically require no down payment, and carry a funding fee; USDA loans target rural areas; jumbo loans exceed conforming limits. Know that a VA loan is a guaranty , not an insurance policy, and that FHA mortgage insurance commonly lasts for the life of the loan when the down payment is small.
323 words, about 2 min07Valuation, Market Analysis, and Pricing
Sales comparison (best for residential), cost (replacement cost minus depreciation plus land-useful for unique or new construction), and income (capitalization rate and gross rent multiplier for investment property). Reconciliation weights the approaches to reach a final opinion of value.
315 words, about 2 min08Fair Housing, Consumer Protection, and Ethics in Practice
Federal fair housing protects race, color, religion, sex, national origin, familial status, and disability. Virginia's Fair Housing Law adds elderliness, sexual orientation, gender identity, source of funds, and military status.
318 words, about 2 min