Virginia Real Estate Exam Topics: Complete Breakdown

# Virginia Real Estate Exam Topics: Complete Breakdown

The Virginia PSI exam is 120 questions (80 national + 40 state) with a 150-minute time limit. Here is every content area you need to master.

National Section Topics (80 Questions)

Property Ownership and Rights - Types of estates: fee simple, life estate, leasehold - Co-ownership: joint tenancy, tenancy in common, tenancy by the entirety - Virginia is NOT a community property state - Encumbrances: mortgages, easements, liens, deed restrictions

Land Use and Environmental Law - Zoning: variances, nonconforming uses, conditional use permits - Eminent domain and condemnation - Environmental regulations: CERCLA, lead paint, asbestos, radon

Valuation and Market Analysis - Three appraisal approaches: sales comparison, cost, income - Capitalization rate, GRM - Key principles: substitution, highest and best use, conformity

Real Estate Finance - Deed of trust (Virginia is a deed of trust state — non-judicial foreclosure is the norm) - Loan types: conventional, FHA, VA (Virginia has high VA loan activity given military presence) - TILA, RESPA, Loan Estimate, Closing Disclosure - LTV, points, PMI, amortization

Agency Relationships - Types of agency - Fiduciary duties (OLDCAR) - Buyer and listing agreements

Contracts - Elements of a valid contract - Offer and acceptance, counteroffers - Contingencies and earnest money - Breach and remedies

Fair Housing - Seven federal protected classes - Prohibited practices - ADA compliance

Virginia State Section Topics (40 Questions)

Virginia License Law (Virginia Code Title 54.1, Chapter 21) - Virginia Real Estate Board (VREB) under DPOR - VREB: 9 members - License types: salesperson, broker, principal broker - Pre-license: 60 hours (salesperson) - Renewal: every 2 years, 16 CE hours - Grounds for disciplinary action, suspension, revocation

Virginia Standard Agency Framework - Virginia does not use "dual agency" in the traditional sense - Standard Agency: each client has exclusive representation from a designated licensee - Designated Agency within the same brokerage: different licensees within one firm represent buyer and seller separately - The supervising broker may be the agent for both but designates different licensees to each party - Disclosure of the agency relationship is required in writing

Virginia Residential Property Disclosure Act - Applies to all residential property sales (1-4 units) - Seller must provide state-mandated disclosure form before or at ratification - The form is prescribed by VREB - Buyer's remedies if disclosure is not provided

HOA and Condominium Disclosure Packets - Property Owners' Association Act: sellers must provide HOA disclosure packets - Condominium Act: sellers must provide condo resale certificates - Timing: must be provided before contract ratification - Buyer has right of rescission within 3 days of receiving the packet - Seller may not refuse to provide — mandatory

Virginia Grantor's Tax - Paid by the seller (the grantor) at closing - Rate: $0.25 per $100 of consideration (or fair market value, whichever is greater) - Local government may add additional transfer taxes

Virginia-Specific Closing Practices - Settlement agents (attorneys or licensed settlement agents) handle closings - Title insurance is standard - Recording fees for deeds of trust

VREB Disciplinary Process - How complaints are filed - DPOR investigation process - Formal hearing procedures - Consent orders, sanctions, and revocation

Mastering the Standard Agency framework and HOA/condo disclosure packet rules will significantly boost your state section score.