PSI Virginia Real Estate Practice Exam

How long does an existing business relationship last after a real estate transaction?

1. Six months

2. One year

3. Eighteen months

4. Two years

The correct answer is: Eighteen months

The duration of an existing business relationship after a real estate transaction is typically established as eighteen months. This period is important as it reflects the time frame within which the parties involved, such as agents and clients, may still engage in ongoing communication or services regarding that transaction. Maintaining a professional relationship for this duration can provide opportunities for continuing support, follow-up services, or referrals, which are crucial aspects of real estate practice. It's also significant in the context of applicable laws and regulations governing realtor-client relationships to ensure that both parties are aware of the timeline for potential follow-ups or engagements related to the previous transaction. In contrast, shorter or longer durations, such as six months, one year, or two years, do not align with the established norms in real estate practices, which emphasize this eighteen-month window as a standard timeframe for existing relationships post-transaction.