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Virginia PSI Exam (State) Study Guide Solutions

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Virginia PSI Exam (State) Study Guide Solutions 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 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 - ANSWER-A party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or optionee. Standard Agent - ANSWER-A licensee who acts for or represents a clie

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Virginia PSI Exam (State) Study Guide

Solutions


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 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 - ANSWER✔✔-A party to a real estate transaction, including a buyer or seller,

landlord or tenant, optionor or optionee.


Standard Agent - ANSWER✔✔-A licensee who acts for or represents a client in a residential transaction




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