Virginia PSI Exam (State)

Active Status - correct answer-Legally engaging in acts of real estate. Brokerage Agreement - correct 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 - correct answer-The contractual relationship between a client and a licensee. Inactive Status - correct answer-Broker or salesperson who is not under a principal or not active with a firm. Independent Contractor - correct answer-Licensee who enters into brokerage agreement with a client, which specifically states that the licensee is acting as an independent contractor and NOT an agent. Limited Service Agent - correct 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 - correct answer-A party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or optionee. Standard Agent - correct answer-A licensee who acts for or represents a client in a residential transaction Virginia Real Estate Board - correct 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. License Exemptions