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Virginia PSI Exam (State) questions with correct answers
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Virginia PSI Exam (State) questions with correct answers
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Virginia PSI Exam (State) questions withcorrect answers
Active Status - ANSWER-Legally engaging in acts of real estate.
Brokerage Agreement - ANSWER-A written agreement establishing the
brokerage relationship between a client and a licensee which must state whether
the licensee will represent the client as an agent or as an independent contractor.
Brokerage Relationship - ANSWER-The contractual relationship between a client
and a licensee.
Inactive Status - ANSWER-Broker or salesperson who is not under a principal or
not active with a firm.
Independent Contractor - ANSWER-Licensee who enters into brokerage
agreement with client, which specifically states that the licensee is acting as an
independent contractor and NOT an agent.
Limited Service Agent - ANSWER-States that agent will not provide one or more
of the duties of a standard agent is required to provide. The obligations of a
limited service agent are agreed upon by the parties.
Principal to a Transaction - ANSWER-A party to a real estate transaction,
including a buyer or seller, landlord or tenant, optionor or optionee.
Standard Agent - ANSWER-A licensee who acts for or represents a client in a
residential transaction
Virginia Real Estate Board - ANSWER-Consist of nine members: seven with at
least five years of experience as a salesperson/broker and two citizens. For a
four year term.
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