PSI Virginia Real Estate Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Get ready for the PSI Virginia Real Estate Exam. Use multiple choice quizzes with hints and explanations to boost your confidence. Ace your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What must be obtained if a licensee owns a property advertised?

Written consent from the seller
Verbal agreement from the buyer
Notification to a third party
No consent is required

The correct answer is: Written consent from the seller

When a licensee owns a property that is being advertised, it is crucial to obtain written consent from the seller to ensure transparency and to comply with legal and ethical standards. This written consent confirms that the seller is aware of the licensee's dual role—as both a property owner and a licensee representing the property. It helps protect all parties involved, including potential buyers, by disclosing any potential conflicts of interest the licensee may have. This requirement is in place to maintain integrity in real estate transactions and to ensure that the interests of the seller are adequately represented. By obtaining written consent, the licensee is not only adhering to regulatory guidelines but also fostering trust and clarity in the transaction process.