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Virginia PSI Exam (State) Latest 2024 Actual Questions and Verified Answers (2024 / 2025) A+ Grade 100% Guarantee Verified by Experts
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Virginia PSI Exam (State) Latest 2024 Actual Questions and Verified Answers (2024 / 2025) A+ Grade 100% Guarantee Verified by Experts

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  • September 13, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Virginia PSI Exam (State).pdf file:///C:/Users/HP/Desktop/New%20fo/Virginia%20PSI%20Exam%2




Virginia PSI Exam (State)


1. Active Status: Legally engaging in acts of real estate.

2. Brokerage Agreement: A written agreement establishing the brokerage relation-ship between

a client and a licensee which must state whether the licensee will represent the client as an

agent or as an independent contractor.

3. Brokerage Relationship: The contractual relationship between a client and alicensee.

4. Inactive Status: Broker or salesperson who is not under a principal or not activewith a firm.

5. Independent Contractor: Licensee who enters into brokerage agreement withclient, which

specifically states that the licensee is acting as an independent con-tractor and NOT an agent.

6. 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 serviceagent are agreed upon

by the parties.

7. Principal to aTransaction: A party to a real estate transaction, including a buyeror seller,

landlord or tenant, optionor or optionee.

8. Standard Agent: A licensee who acts for or represents a client in a residentialtransaction

9. Virginia Real Estate Board: Consist of nine members: seven with at least five years of
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