A brokerage agreement must be in writing to create a standard (fiduciary-type) agency relationship.
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
- Virginia recognizes seller agency, buyer agency, dual agency, and designated agency by written brokerage agreement.
- A brokerage agreement must be in writing to create a standard (fiduciary-type) agency relationship.
- An 'independent contractor' or limited-service arrangement must spell out which duties are/aren't provided.
- Dual or designated agency requires informed written consent from all clients involved.
- Statutory brokerage duties include loyalty, confidentiality, accounting, and reasonable care to the client.
- Agents owe honesty and disclosure of material adverse facts to customers (non-clients) as well.
- Absent a written brokerage agreement, a licensee acts as an independent contractor, not an agent.
Virginia Agency Model Quick Reference: FAQs
Is Virginia Agency Model Quick Reference 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.
