Free Virginia Real Estate Exam Flashcards

DPOR does not publish official statewide first-time pass rates, but PSI and third-party providers report approximately a 37% first-attempt pass rate for the Virginia salesperson exam. The exam splits into 80 national questions (105 minutes) and 40 Virginia state questions (45 minutes), and candidates must pass each section independently with at least 75%. Failing either portion requires retaking only the failed section. Most candidates who fail do so on the state portion due to Virginia-specific agency law, the Residential Property Disclosure Act, and escrow rules.

Virginia requires 60 hours of Real Estate Board-approved Principles of Real Estate education for salesperson candidates. This typically breaks into 30 hours of national real estate principles and 30 hours of Virginia practices. Broker applicants must complete an additional 180 hours of broker education plus three years of active salesperson experience within the last four years. Education must be completed before scheduling the PSI exam, and applicants generally must apply for licensure within 12 months of passing both exam sections.

Total upfront cost is roughly $350-650 depending on education provider. Mandatory fees include: 60-hour pre-license course ($150-450), PSI exam fee ($60), salesperson license fee ($170), and fingerprint processing ($52 via PSI/Fieldprint). Biennial renewal is $65 plus the cost of 16 hours of CE every two years. Costs do not include MLS dues, local board membership, errors and omissions insurance, or post-license education required for first-time renewal.

Candidates may retake the failed section as soon as the next business day by paying the $60 PSI fee and rescheduling through PSI's website. If only one portion (national or state) is failed, only that section must be retaken — passing scores on the other section remain valid for the application window. There is no statutory cap on attempts, but the candidate must pass both sections and submit the license application within 12 months of passing the first section, otherwise both sections must be retaken.

Active Virginia salespersons must complete 16 hours of CE every two years to renew. For licenses expiring before June 30, 2026, the breakdown is 8 mandatory hours (fair housing, legal updates, ethics, agency, contracts, escrow, real estate-related federal/state law, and current industry issues) plus 8 elective hours. For licenses expiring after June 30, 2026, mandatory hours increase to 11 (adding dedicated agency and contracts hours) with 5 elective hours. New salespersons must first complete 30 hours of post-license education within the first license term before standard CE begins.

No — a sponsoring broker is not required to sit for the PSI exam, but you cannot activate or use the license without one. A Virginia salesperson must be supervised by a licensed Virginia principal or supervising broker who is responsible for the salesperson's licensed activity, escrow handling, and recordkeeping. The supervising broker's information is required on the license application. Salesperson commissions must flow through the brokerage, not directly from a client or third party.

The Recovery Fund compensates consumers who win a judgment against a licensee for fraud, misrepresentation, or improper handling of funds when the judgment cannot be collected. Single-transaction claims are capped at $20,000, and total claims against one licensee are capped at $100,000 per biennial license period (claims are prorated if they exceed that cap). The Fund is financed by per-licensee assessments collected at licensure and during renewal. The Fund does not cover interest, punitive damages, or non-monetary losses.