Virginia PSI Exam (State)
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 a 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
Virginia Real Estate Board - correct answer-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 answer-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 answer-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 answer-The Board issues active licenses
directly to the principal broker, who must make the license publicly available at the main
office.
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 a 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
Virginia Real Estate Board - correct answer-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 answer-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 answer-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 answer-The Board issues active licenses
directly to the principal broker, who must make the license publicly available at the main
office.
