Virginia PSI Exam (State) Questions With Correct Answers.

Virginia PSI Exam (State) Questions With
Correct Answers

Active |Status |- |CORRECT |ANSWER✔✔-Legally |engaging |in |acts |of |real |estate.



Brokerage |Agreement |- |CORRECT |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 |- |CORRECT |ANSWER✔✔-The |contractual |relationship |between |a |client |
and |a |licensee.



Inactive |Status |- |CORRECT |ANSWER✔✔-Broker |or |salesperson |who |is |not |under |a |principal |or |
not |active |with |a |firm.



Independent |Contractor |- |CORRECT |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 |- |CORRECT |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 |- |CORRECT |ANSWER✔✔-A |party |to |a |real |estate |transaction, |
including |a |buyer |or |seller, |landlord |or |tenant, |optionor |or |optionee.



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