Exam (elaborations)
Virginia PSI Exam (State)
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Virginia PSI Exam (State)
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Virginia PSI Exam (State)Active Status - -Legally engaging in acts of real estate.
-Brokerage Agreement - -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 - -The contractual relationship between a client and
a licensee.
-Inactive Status - -Broker or salesperson who is not under a principal or not
active with a firm.
-Independent Contractor - -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 - -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 - -A party to a real estate transaction, including a
buyer or seller, landlord or tenant, optionor or optionee.
-Standard Agent - -A licensee who acts for or represents a client in a
residential transaction
-Virginia Real Estate Board - -Consist of nine members: seven with at least
five years of experience as a salesperson/broker and two citizens. For a four
year term.
-License Exemptions - -Selling own property; act without compensation
under power of attorney; follow a court order (bankruptcy, wills, estates,
trusts); auctioneers; or rental agents.
-Licensee Prior Convictions - -Candidates must disclose certain
misdemeanors that occurred within the past five years. As well as all felonies
that have occurred in the candidates life. They must also not have a license
suspended, surrendered or revoked in any state.
-Individual Licenses Issues to Broker - -The Board issues active licenses
directly to the principal broker, who must make the license publicly available
at the main office.
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