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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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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1 of 4 9/10/2024, 8:32
