Steps to Getting your real estate license in Virginia

January 14, 2017

1. Register and Complete the 60 Hours of Required Education
Advanced School of Real Estate offers this course in a traditional live classroom setting or online.  Visit for more information.

2. Take the Virginia Real Estate Salesperson Licensing Exam
Once you have completed the 60-hour course and passed our final course exam, you are eligibile to sit for your Va. Real Estate Salesperson Licensing Exam. PSI Examination Services is the testing company currently contracted by the Real Estate Board in Virginia to administer the licensing examination. In Hampton Roads the test is given by appointment at the Pembroke IV Building (291 Independence Blvd., Suite 140) in Virginia Beach. The test is administered by computer and consists of two sections:

  • The Virginia State portion tests knowledge areas for the Virginia real estate professional.
  • The National portion tests knowledge which is required for real estate professionals in every state.

If you fail one of the two, you only need to retake that portion. You may take the exam as many times as necessary as long as you are willing to pay the required fee of $60.00 each time. Once completed the results are given immediately. For more information, visit

3. Complete Your Fingerprinting and Background Check
Fingerprinting is mandatory for all Virginia real estate license applicants. You must be electronically fingerprinted at one of the PSI Virginia sites. Once completed, your license application must be received by the Real Estate Board within 45 calendar days. For additional information please visit

4. Apply for Your Virginia Real Estate Salesperson Licensing
Once you have passed the Virginia Real Estate Licensing Exam, you will have up to 12 months in order to apply for your license. In order to activate your license, you must choose a Real Estate Broker (real estate company) who will sponsor your activation. There is no obligation to choose a particular company.

If you choose not to activate, you may apply to the Real Estate Board for an inactive license. If you do not do either of the above within the 12 month period, you will have to re-take the exam.

Detailed information for the licensing application process can be located on the Virginia Department of Professional and Occupational Regulation website at:


Get Your Virginia Real Estate License

April 12, 2016

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Get your Virginia Real Estate License and Change Your Financial Future!

Whether you are interested in residential sales, commercial sales or property management, your first step is the 60-hour licensing course, Va. Principles and Practices of Real Estate. Advanced School of Real Estate is approved by the State to offer this course.

  • No prior real estate experience or knowledge needed to begin
  • Be licensed in less than a month
  • Traditional classroom format (days or nights) or Online
  • Low tuition ($280.00, includes classroom textbooks)
  • Brokers are hiring!  We are happy to assist with career placement.
  • Convenient Virginia Beach classroom location or online from anywhere

click here to learn more

VA Short Sale Information (VA Compromise Sale)

March 26, 2015

VA Short Sale Information

There are many reasons why a military member would want to sell a home in today’s distressed housing market.  A military relocation is one reason some are motivated to sell, another is change in marital status requiring the sale of the home. Whatever the reason, if you purchased a home using a VA loan when the market was strong, you might not have anticipated selling the home under today’s conditions.  Depending on the housing market in your area you could wind up taking a loss on the sale of the home you purchased with a VA loan.

Fortunately, some VA mortgage holders have an alternative called a VA Compromise Sale.  If you are approved for a compromise sale, the VA steps in to pay the difference between the offer and the amount which remains due on the VA mortgage.  Compromise sales are provided to help VA loan holders in financial distress and to reduce the number of foreclosures.  They are typically one of the easier transactions when comparing them to other types of short sales.  Once you list your home for sale and receive an offer based on current market value, but lower than the total amount of the loan payoff, your REALTOR® (with your authorization) can ask VA to approve a compromise sale for you.

The main requirement to undertake a compromise sale is that the veteran is experiencing severe financial hardship that prohibits them from meeting their mortgage obligation.  Suitable hardships include:

  • Major medical expenses
  • A decrease in income
  • Death of one of the principle wage earners in the household
  • Involuntary relocation
  • Divorce

If the veteran has any significant assets, the VA may require that they be sold or cashed in to help offset the mortgage deficiency.

The VA will review the veteran’s situation, looking for the following criteria:

  • The home must be sold for current market value.
  • Closing costs must be “reasonable and customary.”
  • The compromise sale will be less costly for the VA than foreclosure.
  • The veteran’s financial situation.
  • The date of mortgage origination – if the loan was taken out on or before December 31, 1989, the lender must agree to write off the portion of the debt above the maximum guarantee.
  • The home has no other liens.

Please note that you may be required to pay the compromise claim off in the future if you want to use your VA Certificate again, otherwise you will have to utilize other loan programs such as FHA or conventional financing on future purchase.

A financial hardship can affect any household, in any price range.  There are a number of things that can happen that are simply beyond your control.  If you are considering a short sale, or if you are facing foreclosure, take the time to look into this program.  It may not be a particularly pleasant process, but it beats a foreclosure which can have negative ramifications for years to come.

Through my experience handling distressed properties, I have found that homeowners today have more questions than answers about their circumstances.  ​As an agent with a CDPE Designation, I have a strong and unique appreciation of the factors affecting the market and know there are options available to you.  If you could benefit from a confidential consultation regarding the solutions available or simply have questions, please do not hesitate to contact me.​

Bob Chance, Associate Broker

William E. Wood and Associates
222 Mustang Trail
Virginia Beach, VA  23452

757-672-2089 or 757-486-21410

EHO/Licensed in Va.

The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice.  The content is intended to provide general information and should not be acted upon without the counsel of a qualified REALTOR®, attorney and tax expert.

Virginia Real Estate License

March 8, 2015

Real Estate Licensing Requirements for the State of Virginia

  • complete 60 class/clock hours of a Board-approved Principles of Real Estate Pre-License Courses (PDF), and
  • pass the state and national portions of the examination.
  • Be at least 18 years of age.
  • Must have a High School Diploma or Equivalent.
  • If licensed in another state, be in good standing in any state where licensed.
  • Have a good reputation for honesty, truthfulness, and fair dealing and be competent to transact real estate business in such a manner as to safeguard the public interest.
  • Not have been found guilty of violating the fair housing laws of any jurisdiction.   
  • Not have had a real estate license revoked or suspended in any state.
  • Not have been convicted anywhere for a misdemeanor involving moral turpitude, sexual offense, drug distribution, physical injury or any felony.
  • Finger printing for all Virginia real estate license applicants is mandatory.

Please be sure you understand the requirements before taking the pre-license education and licensing examination.  If you have any questions, please contact the VA Real Estate Board at (804) 367-8526 or visit their website at Department of Professional & Occupational Regulation.

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Is your house underwater and you need to sell?

March 4, 2015

infographic-shortsale-foreclosure-450x359If you are a homeowner who is late on mortgage payments, having a hard time making payments or needs to sell your underwater house, a short sale might be an option for you.  Foreclosure can be avoided, credit can be saved, and your financial future can be salvaged if you take action now.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property.  Short sales can save many people from foreclosure and even bankruptcy.  More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Through my experience handling distressed properties at William E. Wood and Associates, I have found that homeowners today have more questions than answers about their circumstances.  I have made a website site available to provide a detailed explanation of short sales, which may be the best course of action for some homeowners.  Please take a few moments to view my site, and let me know if you have any questions.


Bob Chance
Associate Broker
William E. Wood and Associates
222 Mustang Trail
Virginia Beach, VA 23452

672-2089 (direct) or 486-2410 (office)

EHO/Licensed in VA


Can you buy a house again after a short sale?

February 26, 2015

The dream of homeownership doesn’t have to end when you sell your home through a short sale.  Underwater homeowners, who sell their homes for less than what they owe, can qualify for a home loan again.  There are many factors that will affect your ability to qualify for a loan in order to buy a house again after a short sale. If you have taken good care of your credit since, paid all your bills on time in the last 12 months, have money saved for down payment, and have income to qualify after a short sale, it is possible to buy a house again in as little as 12 months to 36 months.  Speak with a mortgage specialist to discuss your options.

If you, or someone you know, is facing mortgage difficulties and can benefit from a confidential discussion regarding solutions available, please feel to contact me.  There is no fee or obligation on your part for my services.

Bob Chance, Associate Broker
672-2089 (direct) or 486-2410 (office)


222 Mustang Trail, Virginia Beach, VA  23452

EHO/Licensed in VA


What did the neighbor sell for?

February 21, 2015

untitledWhat did the neighbor sell for? Reviewing neighborhood homes that have recently sold, along with the listing or asking price of current homes for sale, can help you determine your home’s current value.

Find out what your neighbors are selling for with a FREE, no-obligation Comparative Market Analysis (CMA) delivered by e-mail today. Whether you are thinking of placing your home on the market or are just curious, this valuable report can help you determine the current market value for your home. Visit:

Bob Chance
Associate Broker
William E. Wood and Associates
222 Mustang Trail
Virginia Beach, VA 23452

672-2089 (direct) or 486-2410 (office)

EHO/Licensed in VA


Virginia Real Estate Licensing Course

February 4, 2015

If you’ve ever thought of going into the exciting, fast-paced world of real estate, now is the perfect time!

The first step toward a career in real estate is obtaining your real estate license. Advanced School of Real Estate offers the 60-hour pre-licensing course required by the State of Virginia in order to sit for the Virginia Real Estate Salesperson Licensing Exam.

A new classroom session of Principles and Practices of Real Estate begins February 9, 2015 (days or nights).  An online course is also available for students who are unable to fit a classroom session into their schedule.

Current Tuition Special: BRING A FRIEND…Purchase tuition for one student, and a 2nd student can receive half off of their tuition.

For more information, please visit:

Advanced School of Real Estate
2953 Virginia Beach Blvd, #104
Virginia Beach, VA


Ocean Lakes High School #9! 2015 Niche Rankings-Best Public High Schools in Virginia

November 15, 2014

Best Public High Schools ranks 14,431 high schools based on dozens of key statistics and 4.6 million opinions from 280,000 students and parents. A high ranking indicates that the school is an exceptional academic institution with a diverse set of high-achieving students who rate their experience very highly.

An additional 834 schools received a grade but were not eligible for ranking. The list includes magnet, charter, and online schools.

Check out the rankings here.


If you are interested purchasing a home in the Ocean Lakes High School District, please let me know.  For more information on the community, you may visit:

Bob Chance, Associate Broker
William E. Wood and Associates
222 Mustang Trail
Virginia Beach, VA  23452

757-672-2089 (direct)
757-486-2410 (office)

EHO/Licensed in Va.


How to Become a Home Appraiser in Virginia

November 11, 2014

home-appraisalHow to Become an Appraiser in Virginia

  • Complete classification level required appraisal education
  • Pass a qualifying end of course final exam for all real estate appraisal qualifying courses
  • Pass the classification level state appraiser license exam

Real Estate Appraiser Classifications and Appraisal Training Requirements:

  • Certified Residential Real Property Appraiser: A minimum of 200 hours of appraisal education acceptable to the Board with at least 15 hours the National USPAP course AND hold an associate degree or higher from an accredited college or university. Must also obtain over at least 2,500 hours of appraisal experience over a period of at least 24 months (to include at least 625 hours of property appraisal experience in complex one to four unit residential real property appraisal work.)
  • Real Estate Appraiser Trainee: A minimum of 75 hours of appraisal education acceptable to the Board with at least 15 hours of the National Uniform Standards of Professional Appraisal Practice (USPAP) course.
  • Licensed Residential Appraiser: A minimum of 150 hours of specified appraisal core curriculum including the 15 hour National USPAP course; a minimum of 2,000 hours of appraisal experience in no fewer than 12 months; experience must be directed by a supervising appraiser in good standing, who shall be state certified; successfully pass the Uniform Licensed Residential Real Property Appraiser exam.
  • Certified General Real Property Appraisers: A minimum of 300 hours of appraisal education acceptable to the Board with at least 15 hours of the National Uniform Standards of Professional Appraisal Practice (USPAP) course AND hold a bachelor’s degree from an accredited college or university. Must also obtain at least 3,000 hours of real property appraisal experience gained continuously over a period of at least 30 months (to include at least 1500 hours of non residential real property appraisal experience.)

Get Your Virginia Real Estate Appraisal License Now

Take the Virginia Real Estate Appraisal Qualifications Course From the Comfort of Your Home!

You can be on your way to becoming a Virginia Real Estate Appraiser in just one click! View course offerings and begin the registration process for the Virginia Real Estate Appraiser courses.

Advanced School of Real Estate (in partnership with CareerWeb School)