VIRGINIA PSI
Virginia PSI Exam (State) With
Complete Solutions.
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 PSI Page 1
Virginia PSI Exam (State) With
Complete Solutions.
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 PSI Page 1
