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National Broker Exam Prep FINAL PREP-PSI – National Questions for Brokers
An Exam Prep for Real Estate Broker Candidates Based upon the Required PSI Exam
This exam prep is provided to those students who are preparing to take the state-mandated exam to become Real Estate Brokers in their state. It is not an official or otherwise sanctioned testing mechanism, and is meant merely to provide a determination of your preparedness for taking the Proctored Exam given by PSI (Psychological Services, Inc.) in your state. This is the national portion of the exam. In order for this testing module to be truly effective you should have completed broker educational coursework.
Like the official exam that you will take to gain your license, this test is comprised of questions dealing with issues applicable nationwide, and with state-specific issues. To help you retain the information presented here, these subject areas are presented separately and all questions have feedback to explain the correct answer.
You will study the following subjects:
Property Ownership Land Use Controls and Regulations Valuation and Market Analysis Financing Laws of Agency Mandated Disclosures Contracts Transfer of Property Practice of Real Estate Real Estate Calculations Specialty Areas
National Salesperson Exam Prep FINAL PREP PSI – National Questions for Salespersons
This exam prep is provided to those students who are preparing to take the state-mandated exam to become Real Estate Licensees in their state. It is not an official or otherwise sanctioned testing mechanism, and is meant merely to provide a determination of your preparedness for taking the Proctored Exam given by PSI (Psychological Services, Inc.) in your state. This is the national portion of the exam. In order for this testing module to be truly effective you should have completed pre-license educational coursework.
Like the official exam that you will take to gain your license, this test is comprised of questions dealing with issues applicable nationwide, and with state-specific issues. To help you retain the information presented here, these subject areas are presented separately and all questions have feedback to explain the correct answer.
You will study the following subjects:
Property Ownership Land Use Controls and Regulations Valuation and Market Analysis Financing Laws of Agency Mandated Disclosures Contracts Transfer of Property Practice of Real Estate Real Estate Calculations Specialty Areas
State Requirements
Virginia Real Estate Education Requirements
Applicants for the Virginia Real Estate Examinations must be at least 18 years of age and must meet these additional education requirements:
Salespersons must complete 60 hours in the principles of real estate and pass the State and National portions of the salesperson examination.
Brokers must complete 180 hours of education, pass the State and National Portions of the broker examination, and submit verification of experience (actively engaged as a salesperson for 36 out of the 48 months preceding application for licensure).
Post License Requirements Salesperson for First Renewal Updated for requirements as of July 1, 2008.
Within each 30-hour curriculum, there are mandatory topics and elective topics.
Hours may be completed from the Residential or Commercial practice track. Residential requirements include 15 hours mandatory topics and 15 approved elective topics. Commercial requirements 9 hours mandatory topics and 21 hours approved elective topics.
In accordance with the new law, new licensees completing the 30 hour requirement are not required to complete the 16 hours required for other licensees. This course must be completed for the first license renewal.
The number of hours completed will not appear on the website until after a mandatory course has been completed and reported to the Board.
If a licensee decides to change tracks after a mandatory course has been reported to the Board, he must notify the Education Administrator in writing, along with an original or notarized copy of the mandatory course which will become the chosen track. A change will be accepted only once and all previously reported mandatory courses will be changed to electives. Changes cannot be accepted after the license expiration date.
Virginia Real Estate Continuing Education Requirements
Section 54.1-2105.03 of the Code of Virginia requires that all Board-licensed brokers and salespersons (who have renewed their license at least once before) complete Board-approved Continuing Education to renew or activate their license(s).
Brokers whose license(s) expire before July 1, 2008, must complete 16 hours of Continuing Education courses to renew their license(s). Of these 16 hours, they must complete 8 hours in required Continuing Education subjects, including at least 2 hours in Fair Housing, 1 hour in Ethics and Standards of Conduct, 1 hour in Legal Updates and Emerging Trends, 1 hour in Real Estate Agency, and 1 hour in Real Estate Contracts. The remaining 8 hours may be in Real Estate Related Subjects (electives) or in the required Continuing Education subjects mentioned earlier in this paragraph. These Continuing Education requirements also apply to inactive brokers who apply to activate their license(s).
Brokers whose license(s) expire on or after July 1, 2008, must complete 24 hours of Continuing Education to renew their license(s). Of these 24 hours, they must complete 8 hours in Broker Management & Agent Supervision, 3 hours in Ethics & Standards of Conduct, 2 hours in Fair Housing, 1 hour in Legal Updates and Emerging Trends, 1 hour in Real Estate Agency and 1 hour in Real Estate Contracts. The remaining 8 hours may be in Real Estate Related Subjects (electives) or in the required Continuing Education subjects mentioned earlier in this paragraph. These Continuing Education requirements also apply to inactive brokers who apply to activate their license(s).
Salespersons who have renewed their real estate license at least once before must complete 16 hours of Continuing Education courses to renew their license. Of these 16 hours, they must complete 3 hours in Ethics and Standards of Conduct, 2 hours in Fair Housing, 1 hour in Legal Updates and Emerging Trends, 1 hour in Real Estate Agency and 1 hour in Real Estate Contracts. The remaining 8 hours may be in Real Estate Related Subjects (electives) or in the required Continuing Education subjects mentioned earlier in this paragraph. These Continuing Education requirements also apply to inactive salespersons who apply to activate their license.
The Real Estate Board’s lists of approved Broker Management and Agent Supervision courses, Limited Service Agency courses and Continuing Education courses are in the “Exams and Education” section on the Board’s web page at: http://www.dpor.virginia.gov/dporweb/reb_main.cfm
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