Licensing
20%of exam
DPORLicense TypesSupervisionPLE + CEDiscipline
Escrow Accounts
5%of exam
Deposit TimingDisbursementComminglingRecords
Disclosure Requirements
25%of exam
Agency Relationships
30%of exam
Fair Housing
10%of exam
VA ClassesFederal ClassesSteeringSource Funds
Specific Acts
10%of exam
VRLTAPOA ActCondo ActMiss Utility
Quick Facts
- Exam
- VA Salesperson
- Vendor
- PSI
- Questions
- 120 total
- Split
- 80 national; 40 state
- Time
- 150 min total
- Pass
- 56 national; 30 state
- Prelicense
- 60 hours
- Apply
- Within 1 year
State Outline
L-E-D-A-F-A: 8,2,10,12,4,4
LicensingEscrowDisclosuresAgencyFair housingActs
National vs State
National
- 80 questions
- 105 minutes
- 56 pass
State
- 40 questions
- 45 minutes
- 30 pass
Pass each separately
License Picker
- First VA license→60-hour course
- Reciprocal applicant→State exam only
- New salesperson→Broker supervision
- First renewal→30-hour PLE
- Later renewal→16-hour CE
- Change broker→File transfer
Exam Facts
- National portion
- 80 questions
- State portion
- 40 questions
- National time
- 105 minutes
- State time
- 45 minutes
- National pass
- 56 correct
- State pass
- 30 correct
- Closed book
- No materials
- Failed portion
- Retake only failed
PLE vs CE
PLE
- First renewal
- 30 hours
CE
- Later renewals
- 16 hours
New licensees take PLE
License Path
- Minimum age
- 18 years
- Education
- 60 prelicense hours
- Fingerprinting
- Mandatory background check
- Application
- After passing
- Deadline
- Within 1 year
- Reciprocity
- State portion only
- Salesperson
- Broker supervised
- Broker
- 36 of 48 months
License Maintenance
- First renewal
- 30 PLE hours
- Later renewals
- 16 CE hours
- Inactive license
- Renewal still required
- Active practice
- Broker association needed
- Transfer gap
- No practice
- Address change
- Report within 30 days
- Records request
- Produce within 10 days
- Broker records
- Keep 3 years
Board Enforcement
- DPOR
- Department regulator
- REB
- Real Estate Board
- Sanctions
- Fine, suspend, revoke
- Improper dealings
- Dishonest practice
- Improper brokerage
- Commission violations
- Unlicensed activity
- License required acts
- Recovery fund
- Consumer judgment fund
- Hearing
- Due process right
Escrow Clock
Ratified purchase starts five banking days
RatificationBanking daysWritten exception
Commingling vs Conversion
Commingling
- Funds mixed
- Escrow violation
Conversion
- Funds taken
- Misappropriation
Conversion is worse
Escrow Picker
- Purchase ratified→5 banking days
- Lease deposit received→5 banking days
- Deal closes→Disburse by closing
- Deal fails→Hold funds
- Parties agree→Written release
- Clear contract entitlement→30-day notice
Escrow Rules
- Earnest money
- By fifth banking day
- Trigger
- After ratification
- Lease deposit
- Fifth banking day
- Trust account
- Escrow-only funds
- Commingling
- Mixing funds
- Shortage
- Report in 3 days
- Interest
- Disclose disposition
- Dispute
- Written agreement or court
Escrow Disbursement
- Consummation
- Closing completed
- Termination
- Hold until authorized
- Contract terms
- Clear entitlement possible
- Notice period
- 30 days protest
- Commission claim
- After consummation
- Insufficient balance
- No disbursement
- Closing costs
- No deposit deduction
- Broker duty
- No entitlement decision required
Disclosure Clock
Three hand, five mail
In personElectronicMail postmark
Disclosure vs Inspection
Disclosure
- Seller notice
- Buyer beware
Inspection
- Buyer diligence
- Physical review
Disclosure is not warranty
Disclosure Picker
- Residential resale→Disclosure statement
- Late in-person delivery→3-day right
- Mailed disclosure→5-day right
- POA property→Resale packet
- Condo unit→Resale certificate
- Pre-1978 house→Lead disclosure
- Known material fact→Disclose promptly
- Brokerage ad→Firm name
Property Disclosure
- Residential disclosure
- Buyer beware notice
- Late delivery
- Termination right
- Hand delivery
- 3 days
- Mailed delivery
- 5 days postmark
- Settlement
- Ends termination
- Occupancy
- Ends termination
- Written waiver
- Ends termination
- Known defect
- Material facts disclose
Special Disclosures
- Chesapeake Bay
- Preservation restrictions
- Aircraft noise
- Local noise zones
- Crash zone
- Military airfield risk
- Septic system
- Operator disclosure
- Megan's Law
- Registry notice
- Stigma
- No physical defect
- Lead paint
- Pre-1978 federal
- Flood risk
- Lender may require
Agency Duties
OLD CAR fits Virginia agency
ObedienceLoyaltyDisclosureConfidentialityAccountingReasonable care
Client vs Customer
Client
- Brokerage agreement
- Fiduciary duties
Customer
- No representation
- Honesty owed
Agreement creates client
Agency Picker
- Full client duties→Standard agent
- Reduced services→Limited service
- One firm, both sides→Dual agency
- Separate licensees→Designated agency
- No representation→Unrepresented party
- Buyer showing→Written agreement
Agency Duties
- Client
- Brokerage agreement party
- Customer
- No brokerage client
- Honesty
- Owed to all
- Confidentiality
- Client duty
- Accounting
- Handle funds properly
- Disclosure
- Material facts
- Documents
- Prompt delivery
- Copies
- Leave signed instruments
Dual vs Designated
Dual
- Broker represents both
- Consent required
Designated
- Different licensees
- Broker still dual
Disclosure must be conspicuous
Agency Types
- Standard agent
- Full statutory duties
- Limited service
- Written limited duties
- Dual agent
- Both clients consent
- Designated agent
- Separate licensees assigned
- Supervising broker
- Dual representative
- Unrepresented party
- No client duties
- Buyer agreement
- Written before showing
- Compensation
- Through principal broker
Elderliness vs Familial
Elderliness
- 55 or older
- Virginia class
Familial
- Children present
- Federal class
Do not confuse age rules
Fair Housing Classes
- Race
- Federal and Virginia
- Color
- Federal and Virginia
- Religion
- Federal and Virginia
- National origin
- Federal and Virginia
- Sex
- Federal and Virginia
- Familial status
- Children protected
- Disability
- Accommodation rights
- Elderliness
- 55 or older
- Source funds
- Voucher income protected
- Military status
- Virginia protected
- Sexual orientation
- Virginia protected
- Gender identity
- Virginia protected
POA vs Condo
POA
- Lots
- Association covenants
Condo
- Units
- Common elements
Both have resale documents
Common Interest
- POA Act
- Subdivision associations
- Condo Act
- Unit ownership
- Resale certificate
- Association packet
- Cancellation
- 3-day review
- Delivery
- Controls review clock
- CC&Rs
- Recorded restrictions
- Assessments
- Owner charges
- CIC Board
- Association regulator
Specific Acts
- VRLTA
- Residential landlord tenant
- Security deposit
- Two months max
- Return deposit
- 45 days
- Prepaid rent
- Escrow within 5 days
- Miss Utility
- Call before digging
- Time-share Act
- Interval ownership
- Condo Act
- Unit regime
- POA Act
- Lot association
Common Traps
Exam Portions
Combined pass ≠ Each portion passes
Reciprocity
Retake both portions ≠ State portion only
Escrow Timing
Five calendar days ≠ Five banking days
Buyer Disclosure
Seller warranty ≠ Buyer-beware notice
Salesperson Pay
Direct client payment ≠ Principal broker payment
Agency Consent
Oral dual consent ≠ Written client consent
Advertising
Agent name only ≠ Firm name included
Security Deposit
Unlimited deposit ≠ Two months maximum
Last Minute
- 1.State outline: 8,2,10,12,4,4
- 2.National 80; state 40
- 3.Pass: 56 national, 30 state
- 4.Salesperson needs supervising broker
- 5.First renewal needs 30 PLE
- 6.Escrow: fifth banking day
- 7.Late disclosure: 3 or 5
- 8.Dual agency needs written consent
- 9.Firm name appears in ads
- 10.Virginia protects source funds
- 11.Elderliness means 55 plus
- 12.VRLTA deposit max: two months
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