Material adverse facts about the property known to the licensee must still be disclosed despite caveat emptor.
Before you read
Test yourself first: 5 questions
Question 1 of 5
Which agency is responsible for regulating real estate licensees in Virginia?
Answer: A. Real estate licensees in Virginia are regulated by the Virginia Real Estate Board, which operates under the Department of Professional and Occupational Regulation (DPOR).
Question 2 of 5
Which state agency is responsible for regulating and licensing real estate salespersons and brokers in Virginia?
Answer: A. Real estate licensing in Virginia is administered by the Virginia Real Estate Board, which operates under the Department of Professional and Occupational Regulation (DPOR).
Question 3 of 5
Which of the following is a sanction the Virginia Real Estate Board may impose against a licensee found in violation of the licensing law or regulations?
Answer: B. As an administrative agency, the Board may suspend or revoke a license, deny renewal, impose monetary penalties, and order remedial education. Incarceration and other criminal or immigration penalties are outside the Board's authority.
Question 4 of 5
The Virginia Real Estate Board operates under which umbrella agency?
Answer: B. The Virginia Real Estate Board is one of several regulatory boards administered by the Department of Professional and Occupational Regulation (DPOR), which oversees licensing and discipline for the profession.
Question 5 of 5
A Virginia broker must retain transaction and brokerage records (such as contracts, agency agreements, and closing documents) so that they are available for:
Answer: B. Virginia requires brokers to keep complete transaction records for a regulatory retention period and to make them available for inspection by the Real Estate Board. Records cannot be destroyed at closing, and the firm, not the individual salesperson at home, is responsible for maintaining them.
Keep the streak going with more questions like these, each with a full rationale.
Must-know rules
- Agency in Virginia is a brokerage relationship between a client and a real estate firm/broker, with duties owed to the client.
- A licensee can represent the seller (seller agent), the buyer (buyer agent), both, or act as an independent/standard agent depending on the agreement.
- Brokerage relationships should be established in writing and disclosed; representation is created by agreement, not assumed.
- Common duties to a client: loyalty, confidentiality, disclosure, obedience to lawful instructions, reasonable care, and accounting.
- Dual representation (representing both buyer and seller) requires written consent from both clients.
- An independent/standard agent owes statutory duties but a reduced set compared with full representation.
- Material adverse facts about the property known to the licensee must still be disclosed despite caveat emptor.
- The salesperson acts for the principal broker; the brokerage relationship is with the firm/broker, not the individual salesperson alone.
Virginia Agency Model Cheat Sheet: FAQs
Is Virginia Agency Model Cheat Sheet on the real estate exam?
Yes. State License Law is a scored domain on the Virginia real estate licensing exam, and this topic appears in the state license-law portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
Does Virginia test this differently?
Virginia applies its own license law on top of the national portion. This page covers the Virginia rules specifically, which is what the state section of your exam tests.
