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Exam (elaborations)

Virginia PSI Exam Prep By Performance Programs Company (115 Questions) With Answers.

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  • Course
  • Virginia PSI
  • Institution
  • Virginia PSI

Virginia PSI Exam Prep By Performance Programs Company (115 Questions) With Answers.

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  • November 13, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Virginia PSI
  • Virginia PSI
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Boffin
VIRGINIA PSI


Virginia PSI Exam Prep By Performance Programs
Company (115 Questions) With Answers.
What is the purpose of Chapter 21 in the Virginia code? - ✔✔✔- To present license
requirements brokerage relationships and Real Estate Board authorizations



Delaney is licensed under a real estate firm and legally performs real estate activities for an
average of at least 40 hours a week. What term would she properly be called? - ✔✔✔- Actively
engaged salesperson



Josh hired an unlicensed assistant what activities can the assistant participate in? - ✔✔✔-
Compute commission checks



How long does a license have to reinstate her license after it expires - ✔✔✔- 30 Calendar days



If an aggrieved party's claim is related to a single transaction with only one claimant and one
licensee what is the maximum payment that can be granted from the Recovery Fund? - ✔✔✔-
20,000



Rick wants to file a complaint with the DPOR against a licensee for allegedly violating a license
law statute. How much time does he have to file a complaint? - ✔✔✔- 3 years



What is the name of a license issued by the board to brokers active in more than one firm at the
same time? - ✔✔✔- Concurrent license



What best characterizes the mission of the Virginia Real Estate Board? - ✔✔✔- To certify and
license practitioners and to enforce laws with rules and regulations




VIRGINIA PSI Page 1

, VIRGINIA PSI


What happens if a licensee fails to provide a lead paint disclosure to buyers or tenants? -
✔✔✔- The licensee can face a civil penalty up to $10,000 for each violation



Bill wants to apply for his brokers license. How long must he be actively engaged in real estate
before applying? - ✔✔✔- 40 hours a week for 36 months of the 48 months prior to applying



How many hours post license education are required within the first year of licensure - ✔✔✔-
30 hours



Kelly got her salesperson license on September 20,2019 when does her license expire? - ✔✔✔-
September 30, 2021



What is a business entity - ✔✔✔- A partnership, association, corporation, or LLC



What does the REB have jurisdiction over - ✔✔✔- Determining license fees



What would be deemed improper by the Virginia Administration Code? - ✔✔✔- Entering into a
brokerage relationship that does not include a termination date



How often is the Code of Virginia amended? - ✔✔✔- The code gets amended as needed at its
annual meeting



What does DPOR stand for - ✔✔✔- Department of Professional and Occupational Regulation



Who maintains REB records - ✔✔✔- Director of the DPOR




VIRGINIA PSI Page 2

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