1
Virginia PSI Exam (State) Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What is the primary purpose of Virginia's "Fair Housing Law"?✔✔ The primary purpose of Virginia's Fair Housing Law is to prohibit discrimination in housing based on race, color, religion, national origin, sex, disability, and familial status.
What does "adverse possession" mean in Virginia real estate law?✔✔ Adverse possession is a legal doctrine that allows someone to claim ownership of property they have openly and continuously occupied for a specified period, without the permission of the original owner.
What is the required action for a Virginia real estate agent to renew their license?✔✔ In Virginia, a real estate agent must complete continuing education courses and submit a renewal application to renew their license.
What is the maximum amount of time that Virginia's "residential landlord-tenant" law allows for a landlord to return a security deposit after a lease ends? 1 / 2
2
✔✔ Virginia law requires that landlords return the security deposit within 45 days after the end of the lease.
What is a "sales contract" in Virginia real estate transactions?✔✔ A sales contract is a legally binding agreement between a buyer and a seller outlining the terms of the property sale, including price, contingencies, and closing date.
What does a "right of first refusal" allow in a real estate deal?✔✔ A right of first refusal gives a person the opportunity to purchase a property before the owner sells it to someone else.
What is "escrow" in Virginia real estate transactions?✔✔ Escrow in Virginia refers to a third party holding funds or documents related to a real estate transaction until all terms and conditions of the contract are met.
What does Virginia's "Property Owners' Association Act" regulate?✔✔ Virginia's Property Owners' Association Act regulates the governance, fees, and operation of property owners' associations, ensuring that property owners are treated fairly and that certain standards are upheld.
- / 2