Virginia PSI Exam (State) questions and answers latest top score.

Virginia PSI Exam (State) questions and answers latest top score. Active Status - correct answers.Legally engaging in acts of real estate. Brokerage Agreement - correct answers.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 answers.The contractual relationship between a client and a licensee. Inactive Status - correct answers.Broker or salesperson who is not under a principal or not active with a firm. Independent Contractor - correct answers.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 answers.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 answers.A party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or optionee. Standard Agent - correct answers.A licensee who acts for or represents a client in a residential transaction Virginia Real Estate Board - correct answers.Consist of nine members: seven with at least five years of experience as a salesperson/broker and two citizens. For a four year term. License Exemptions - correct answers.Selling own property; act without compensation under power of attorney; follow a court order (bankruptcy, wills, estates, trusts); auctioneers; or rental agents. Licensee Prior Convictions - correct answers.Candidates must disclose certain misdemeanors that occurred within the past five years. As well as all felonies that have occurred in the candidates life. They must also not have a license suspended, surrendered or revoked in any state. Individual Licenses Issues to Broker - correct answers.The Board issues active licenses directly to the principal broker, who must make the license publicly available at the main office. Inactive Status Limited Period - correct answers.Licensees with inactive licenses must reapply for active status within three years or they must repeat pre-license education and exam. License by Reciprocity - correct answers.Intended for those already licensed in another state. The board may waive their pre-education requirements and the national portion of the exam. Concurrent Broker License - correct answers.License for brokers looking to be active in multiple firms. Reporting Changes - Change in Status - correct answers.10 Days - Termination of Salesperson or Associate Broker. Voluntary Inactivation. Reporting Changes - Change in Personal Info - correct answers.30 Days - Name or Address Reporting Changes - Termination of Principal Broker - correct answers.3 Days Renewing Licenses - correct answers.Licenses must be renewed every two years. There is a 30 day grace period. Service Referral Fees - correct answers.All active licensees (salesperson or broker) may accept referral fees for services required by a sales contract (inspection, survey), as long as that service is acknowledged in writing by the person who pays for the service. Board Request - Financial Information - correct answers.Principal Broker must submit records to the board within 10 days of request. Escrow Accounts - Conversion - correct answers.Appropriation (stealing) of escrow money or property. Escrow Accounts - Reporting Violations - correct answers.Escrow violations must be reported within 3 business days. Board Request - Questions or Records - correct answers.Within 21 Days Client Referral Fees - correct answers.Only Brokers (not salespersons) may pay referral fees and split commissions with other brokers or firms. Funding the TRF - correct answers.New licensees must pay $20 to the TRF. If the balance falls under $400,000, all licensees must pay $20 over 2 years. TRF - Single Transactions - correct answers.Maximum payment for a single party in a single transaction is $20,000. The maximum payment for multiples in a single transaction is $50,000. TRF - Multiple Transaction - correct answers.Single in multiple transactions is $20,000. Multiple parties in multiple transactions is $100,000. Continued Education Brokers - correct answers.24 Credit-Hours