Ready to get your Virginia real estate license? Your first step will be to take a pre-license course that is approved by the Virginia Real Estate Board.
This course takes 60 hours to complete, and it will help you prepare to pass the state licensing exam. This overview will let you know what to expect from the Virginia real estate pre-license course. Let’s go over a few of the key topics the course will cover.
Real Estate Basics
Since this course is the only prerequisite education beyond a high school degree, students aren’t expected to come in with any knowledge or experience in real estate. The course starts with the basics of the industry.
You’ll learn the foundations of real estate, including:
How real estate ownership is held
How land is measured and described
Governmental and private restrictions on how the land can be used
Regulatory structure in Virginia
Real Estate Contracts
You’re trying to become a real estate agent, not a lawyer. Still, there are a few contracts involved in real estate transactions that you will need to get familiar with.
Your pre-license course will introduce you to the basics of contract law and walk you through commonly used forms, like the purchase contract.
Real Estate Agency
Being an agent comes with a set of very important responsibilities. You’ll find out what your clients will expect of you, what you can expect from them, and how these agency relationships are formed and ended.
Expect to see coverage on these topics:
Principles of agency
Your role as an agent in a transaction
Creating service and listing contracts
Real Estate Finance
A home is often the biggest purchase a person makes in their life, and very few people can afford to make that purchase without getting a loan. Whether you have personal experience with mortgages or you barely know what escrow means, this course will leave you with some new, useful knowledge.
Finance coverage will include:
Financing options for homebuyers
Government-backed loan programs
Breakdown of what mortgage payments include
The lending process, including pre-qualification of borrowers and properties
Property valuation and appraisal
Loan default and foreclosure
Leasing and Property Management
According to the U.S. Census Bureau, nearly a third of homes are occupied by renters. That’s a big chunk of the real estate market! Also, most commercial real estate is leased.
If you plan to start your career by specializing as a leasing agent or a property manager, you’ll want to pay special attention to your course’s lessons on leases and how to manage the property.
Real Estate Transactions
Any good pre-license course should be filled with practical tips on how to facilitate your first real estate deal from the initial listing or offer until closing day.
You will learn how to present offers and submit earnest money. You will read about option periods and all the various property condition disclosures and inspections that should take place during that critical period of the transaction.
And of course, there will be information on the important closing processes (like the transfer of title and funding of the loan) that take place in order for the property to change hands from the seller to the buyer.
Fair Housing and Ethics
Real estate professionals have a moral and legal responsibility to provide equitable treatment to all clients and customers. Discrimination can occur in many ways, including some that you may not have thought about before.
The course will cover:
The history and evolution of fair housing laws, including federal and state legislation
Ethical real estate practice
How to avoid violations and discrimination
Get Started on Your Virginia Real Estate Course
That’s it for the pre-license course overview.
There’s a lot to learn, but don’t worry. Aceable Real Estate School's Virginia Pre-License course breaks the info down into simple, interactive lessons that you can take at your own pace. You can meet the state’s education requirement and get prepared for the exam wherever and whenever you want.
If you’re ready to start your online real estate course, read more about how to get your license in Virginia.