Virginia PSI Exam (State) Questions and Answers Already Passed

Virginia PSI Exam (State) Questions and Answers Already Passed 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. Inactive Status Limited Period Licensees with inactive licenses must reapply for active status within three years or they must repeat pre-license education and exam. License by Reciprocity Intended for those already licensed in another state. The board may waive their pre-education requirements and the national portion of the exam. Concurrent Broker License License for brokers looking to be active in multiple firms. Reporting Changes - Change in Status 10 Days - Termination of Salesperson or Associate Broker. Voluntary Inactivation. Reporting Changes - Change in Personal Info 30 Days - Name or Address Reporting Changes - Termination of Principal Broker 3 Days Renewing Licenses Licenses must be renewed every two years. There is a 30 day grace period. Service Referral Fees All active licensees (salesperson or broker) may accept referral fees for services required by a sales contract (inspection, survey), as long as that service is acknowledged in writing by the person who pays for the service. Board Request - Financial Information Principal Broker must submit records to the board within 10 days of request. Escrow Accounts - Conversion Appropriation (stealing) of escrow money or property. Escrow Accounts - Reporting Violations Escrow