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Virginia PSI Exam (State)Questions & Answers(RATED A+)
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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
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