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Virginia Real Estate License Exam- Verified Mock Exam Question and Answers [100% Correct] 2025 Latest!! £6.69
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Virginia Real Estate License Exam- Verified Mock Exam Question and Answers [100% Correct] 2025 Latest!!

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Virginia Real Estate License Exam- Verified Mock Exam Question and Answers [100% Correct] 2025 Latest!! What is the primary purpose of the Virginia Real Estate Board? To enforce licensing requirements, oversee real estate professionals, and protect public interest. What must a real esta...

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  • December 8, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • virginia real estate license exam verified mock

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  • Real Estate
  • Real Estate

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Virginia Real Estate License Exam- Verified
Mock Exam Question and Answers [100%
Correct] 2025 Latest!!
What is the primary purpose of the Virginia Real Estate Board?

To enforce licensing requirements, oversee real estate professionals, and protect public interest.



What must a real estate agent do if they receive an offer for a property that is in a multiple-offer
situation?

Disclose the existence of multiple offers to all parties involved without revealing details about
other offers.



Explain what an "agency relationship" in real estate means.

It is the fiduciary relationship between a broker and a client, where the broker represents the
client’s interests in the transaction.



What is the difference between a "buyer’s agent" and a "seller’s agent"?

A buyer's agent represents the buyer's interests, while a seller's agent represents the seller's
interests in a real estate transaction.



What are the disclosure requirements when selling property in Virginia?

Sellers must disclose known material defects or issues that affect the value or safety of the
property.



What is the role of a real estate broker in a transaction?

A broker acts as an intermediary between the buyer and seller, facilitating negotiations and
ensuring legal compliance.



What constitutes "dual agency" in Virginia real estate transactions?



1

, Dual agency occurs when the same agent or broker represents both the buyer and the seller in a
transaction, creating potential conflicts of interest.



Explain the concept of "commingling" in real estate.

Commingling refers to mixing a client’s funds with a broker's personal or business funds, which is
prohibited by law.



What is the minimum amount of continuing education required for Virginia real estate license renewal?

Agents must complete 16 hours of continuing education every two years, including 8 hours in
core topics.



What is a "contingency" clause in a real estate contract?

A contingency clause is a condition that must be met for the contract to be fully executed, such as
a home inspection or financing approval.



How long does a real estate license last in Virginia before it needs to be renewed?

A real estate license in Virginia lasts for two years and must be renewed before the expiration
date.



What is the purpose of a real estate "earnest money deposit"?

The earnest money deposit demonstrates the buyer's commitment to the transaction and is
typically held in escrow until closing.



Describe the Virginia law regarding the "right of rescission" in real estate transactions.

In Virginia, a buyer has the right to cancel a contract within three days if it involves a sale of
property that was conducted away from the seller's usual place of business.



What is the purpose of a "closing disclosure" in a real estate transaction?

The closing disclosure outlines the final costs of the transaction, including fees, taxes, and the
amount the buyer and seller owe at closing.




2

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