Virginia PSI Exam (State) questions with correct answers Updated 2024

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 o