VIRGINIA PSI EXAM (STATE)
QUESTIONS & 100% CORRECT
ANSWERS
Legally engaging in acts of real estate. - correct answer ✔✔Active Status
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. - correct answer ✔✔Brokerage Agreement
The contractual relationship between a client and a licensee. - correct answer ✔✔Brokerage
Relationship
Broker or salesperson who is not under a principal or not active with a firm. - correct answer
✔✔Inactive Status
Licensee who enters into brokerage agreement with client, which specifically states that the
licensee is acting as an independent contractor and NOT an agent. - correct answer
✔✔Independent Contractor
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. - correct
answer ✔✔Limited Service Agent
A party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or
optionee. - correct answer ✔✔Principal to a Transaction
QUESTIONS & 100% CORRECT
ANSWERS
Legally engaging in acts of real estate. - correct answer ✔✔Active Status
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. - correct answer ✔✔Brokerage Agreement
The contractual relationship between a client and a licensee. - correct answer ✔✔Brokerage
Relationship
Broker or salesperson who is not under a principal or not active with a firm. - correct answer
✔✔Inactive Status
Licensee who enters into brokerage agreement with client, which specifically states that the
licensee is acting as an independent contractor and NOT an agent. - correct answer
✔✔Independent Contractor
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. - correct
answer ✔✔Limited Service Agent
A party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or
optionee. - correct answer ✔✔Principal to a Transaction
