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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 client in a residential transaction
Copyright ©Stuvia International BV 2010-2024 Page 1/4
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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