Virginia PSI Exam (State) 2024 WITH 100% CORRECT ANSWERS
Active Status correct answersLegally engaging in acts of real estate. Brokerage Agreement correct answersA 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 answersThe contractual relationship between a client and a licensee. Inactive Status correct answersBroker or salesperson who is not under a principal or not active with a firm. Independent Contractor correct answersLicensee 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 correct answersStates 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 answersA party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or optionee. Standard Agent correct answersA licensee who acts for or represents a client in a residential transaction
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