PSI Virginia Real Estate Practice Exam

Which group of individuals does the Virginia Real Estate Board primarily consist of?

1. All licensed real estate agents

2. Seven members with at least five years' experience and two citizens

3. Only current practicing brokers

4. Members appointed from various industries

The correct answer is: Seven members with at least five years' experience and two citizens

The Virginia Real Estate Board is structured to include a specific composition of members to ensure it effectively oversees and regulates the real estate profession within the state. The correct response highlights that the board consists of seven members, with the requirement that at least five of these members have a minimum of five years' experience in real estate. This unique composition includes practitioners who understand the industry's nuances and challenges, allowing for informed decision-making regarding regulations and practices affecting the real estate market. Furthermore, the inclusion of two citizen members ensures that the perspectives of the general public are represented, which is essential for maintaining transparency and accountability in the real estate sector. Other options, while they may seem plausible, do not accurately reflect the actual makeup of the board. It's important to acknowledge that a diverse representation not only from real estate professionals but also from the general public helps balance interests and promotes effective governance. This structure supports the mission of the Virginia Real Estate Board to protect consumers while fostering a fair and competitive marketplace for real estate transactions.