PSI Virginia Real Estate Practice Exam

What is a requirement for candidates with prior felony convictions when applying for a real estate license?

1. They must provide character references only

2. They must disclose all felonies that occurred in their life

3. They must apply for a waiver

4. They must wait 10 years after their conviction

The correct answer is: They must disclose all felonies that occurred in their life

Candidates with prior felony convictions are required to disclose all felonies that occurred in their life when applying for a real estate license. This requirement is in place to ensure transparency and assess the fitness of the applicant for the responsibilities that come with being a licensed real estate professional. Disclosing all felonies allows licensing boards to evaluate the nature of the convictions, any rehabilitative actions taken, and the time elapsed since the offense. This process is crucial as it aligns with the values of integrity and trust that are fundamental to the real estate profession. Providing complete and accurate information helps ensure that those who are granted a license meet the ethical standards necessary to maintain public confidence in real estate transactions. In contrast, simply providing character references or applying for a waiver without full disclosure would not satisfy the requirements of the licensing process, as these actions do not reflect the necessary level of transparency demanded of real estate professionals. Furthermore, waiting a certain number of years after conviction does not automatically exempt one from disclosing prior felonies, as the requirement remains to provide a full history regardless of the time that has passed.