PSI Virginia Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Get ready for the PSI Virginia Real Estate Exam. Use multiple choice quizzes with hints and explanations to boost your confidence. Ace your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the fee that new licensees must pay to the TRF?

$10
$20
$50
$100

The correct answer is: $20

The fee that new licensees must pay to the Transaction Recovery Fund (TRF) is established to ensure that funds are available to compensate individuals who suffer damages due to the wrongful acts of real estate licensees. The TRF serves as a form of consumer protection within the real estate industry. In Virginia, the correct fee is $20, reflecting a relatively modest amount aimed at funding this consumer protection initiative without imposing a significant financial burden on new licensees. This amount is set by regulatory frameworks governing real estate practices, emphasizing that new licensees contribute to a fund that is ultimately used to uphold ethical standards and provide recourse for affected parties. The other fees listed are not accurate representations of the amount required for this fund, as the TRF's fee is intentionally kept lower to maintain accessibility for aspiring real estate professionals while promoting accountability among licensees.