Virginia Real Estate Licensing- Frequently Asked Questions
The Virginia Salesperson examination is 120 multiple choice questions, divided into two parts: the National portion [80 questions long, to be answered in 105 minutes or less] and the State portion [40 questions long, 45 minutes to complete.]
In order to pass the exam, you must correctly answer at least 56 of the National questions and at least 30 of the State questions.
The examination is offered by appointment during regular business hours Monday - Friday at various locations throughout the state.
All testing is done on a reservation basis. If you are applying for a license by examination from your education provider, you must register via internet, mail, telephone, or fax. Your education provider will provide your eligibility to PSI. After your school has submitted your file to PSI, please go to www.psiexams.com or call (800)733-9267 to request and schedule an exam. The cost for the exam is $60 and is payable upon scheduling of the test.
Each state sets its own criteria for licensing and required education. One must contact the Real Estate Commission in a particular state to determine current standing. A call to your Howard Hanna office will assist you in obtaining specific answers.
Individual circumstances and processing procedures make a definite answer impossible. Most applicants can be licensed within 2 to 3 months. This time frame would permit one month for the course, the examination that follows, and the processing of license application by the state.
Newly licensed individuals must complete 30 hours of post-license education within one year of activating their license. Post-licensing is available both online and through various live courses taught through the Howard Hanna Education Department.
Should the 30 hours of post-license education not be completed within 365 days of license activation, the individual’s license is placed on inactive status. All real estate related activities must cease until the license has been reactivated… by completing the PLE courses and paying an activation fee.
Once the real estate license has been renewed for the first time [2 years after activation], licensees are required to complete 16 hours of continuing education every two years. New Salespersons must wait until their first two-year licensure term ends before they can begin to take their 16 hours Continuing Education courses.
The state renewal period is every 2 years from licensed year by the last day of the month licensed.
Real estate licenses are renewed every two years, with the renewal fee and applicable continuing education completed two years from the last day of the month in which the license was issued.
Our real estate associates are hired as independent contractors. Their income is paid from the commissions associated with closed transactions. There are no company-paid benefits provided. The Company’s “Secure Advantage Program” makes a variety of group benefit and financial programs available for our associates to participate in, if desired.
No, you would be considered an independent contractor. Your income will be commission only and there would be no company-paid benefits. There are, however, group benefit programs available for your participation, if needed.
In real estate, working under an independent contractor status means that for tax purposes, you are considered an entrepreneur in business for yourself. There will be no taxes taken from your commission income and you will be responsible for filing your own quarterly taxes. Actually, you will be operating as a “business within a business.”
In Virginia, licensees who affiliate with a real estate company fall under the responsibility of their supervising broker. All of our associates’ real estate-related activities – including interactions with consumers, writing purchase agreements, listing a property, etc. – are conducted under the watchful eye of their supervising broker.
