PSI Virginia Real Estate Practice Exam

What is a limited service agent required to acknowledge?

1. They must provide all services to their clients

2. They will represent clients in court

3. They will not provide some standard duties required of an agent

4. They will not charge any fees for their service

The correct answer is: They will not provide some standard duties required of an agent

A limited service agent operates under a specific framework that differentiates them from traditional full-service agents. The correct response indicates that a limited service agent explicitly acknowledges that they will not provide some standard duties typically associated with a full-service real estate agent. This transparency is crucial because it allows clients to understand the scope of services they can expect, which can vary significantly depending on the arrangement. Limited service agents often focus on particular aspects of real estate transactions, such as listing a property on a multiple listing service (MLS) or providing basic marketing support, but they might not handle negotiations or certain administrative tasks. Therefore, clients should be fully aware that the level of service will not encompass everything a full-service agent would offer. By making this acknowledgment, limited service agents ensure that clients can make informed decisions about whether their specific needs align with the services offered. This distinction is vital for clients seeking either a full-service experience or a more streamlined, cost-effective option.