Virginia PSI Exam (State) Latest 2026 Actual
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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.
Choose an answer
1 TRF - Multiple Transaction 2 TRF - Single Transactions
Board Request - Financial
3 Escrow Accounts - Conversion 4
Information
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, Terms in this set (31)
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
Questions and Verified Answers) A+ Grade 100%
Guarantee Verified by Experts
Save
Practice questions for this set
Learn 1 /7 Study with Learn
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.
Choose an answer
1 TRF - Multiple Transaction 2 TRF - Single Transactions
Board Request - Financial
3 Escrow Accounts - Conversion 4
Information
Don't know?
, Terms in this set (31)
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
