Virginia PSI Exam State Flashcards

Virginia PSI Exam (State) Flashcards Board Request - Financial InformationPrincipal Broker must submit records to the board within 10 days of request.Funding the TRFNew licensees must pay $20 to the TRF. If the balance falls under $400,000, all licensees must pay $20 over 2 years.TRF - Multiple TransactionSingle in multiple transactions is $20,000. Multiple parties in multiple transactions is $100,000.Concurrent Broker LicenseLicense for brokers looking to be active in multiple firms.Active StatusLegally engaging in acts of real estate.Virginia Real Estate BoardConsist of nine members: seven with at least five years of experience as a salesperson/broker and two citizens. For a four year term.Inactive Status Limited PeriodLicensees with inactive licenses must reapply for active status within three years or they must repeat pre-license education and exam.Service Referral FeesAll 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.Virginia Agency TerminationUnless agreed upon, the agency relationship will terminate in 90 days.Escrow Accounts - ConversionAppropriation (stealing) of escrow money or property.Individual Licenses Issues to BrokerThe Board issues active licenses directly to the principal broker, who must make the license publicly available at the main office.Items Requiring DepositsEarnest money and down payments must be deposited by the 5th day.Continued Education Brokers24 Credit-Hours Board Request - Questions or RecordsWithin 21 Days Client Referral FeesOnly Brokers (not salespersons) may pay referral fees and split commissions with other brokers or firms.Inactive StatusBroker or salesperson who is not under a principal or not active with a firm.Renewing LicensesLicenses must be renewed every two years. There is a 30 day grace period.Limited Service AgentStates 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.Brokerage AgreementA 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.Reporting Changes - Change in Status10 Days - Termination of Salesperson or Associate Broker.Voluntary Inactivation.

Escrow Accounts - Reporting ViolationsEscrow violations must be reported within 3 business days.Standard AgentA licensee who acts for or represents a client in a residential transaction Principal to a TransactionA party to a real estate transaction, including a buyer or seller, landlord or tenant, optionor or optionee.License by ReciprocityIntended for those already licensed in another state. The board may waive their pre-education requirements and the national portion of the exam.Brokerage RelationshipThe contractual relationship between a client and a licensee.Reporting Changes - Termination of Principal Broker3 Days TRF - Single TransactionsMaximum payment for a single party in a single transaction is $20,000. The maximum payment for multiples in a single transaction is $50,000.Reporting Changes - Change in Personal Info 30 Days - Name or Address License ExemptionsSelling own property; act without compensation under power of attorney; follow a court order (bankruptcy, wills, estates, trusts); auctioneers; or rental agents.Licensee Prior ConvictionsCandidates 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.Independent ContractorLicensee who enters into brokerage agreement with client, which specifically states that the licensee is acting as an independent contractor and NOT an agent.