PSI Virginia Real Estate Practice Exam

What kind of services can a limited service agent agree to forgo?

1. All types of services provided by licensed agents

2. One or more specific duties typically required from standard agents

3. Negotiation and conflict resolution services

4. Only online marketing services

The correct answer is: One or more specific duties typically required from standard agents

A limited service agent has the flexibility to offer specific services while forgoing others, which allows them to tailor their offerings according to the needs of their clients and the nature of the transaction. This approach permits the agent to reduce their fees by excluding certain typical responsibilities that a full-service agent would ordinarily provide. For instance, a limited service agent might choose to assist clients with basic functions, such as listing the property on the MLS (Multiple Listing Service), while not handling tasks like conducting open houses or managing negotiations. This is beneficial for clients who may be more experienced or who prefer to take a more hands-on approach themselves, allowing them to save money without compromising essential services they still require. The other options do not accurately reflect the nature of limited service agreements. While a limited service agent can forgo various types of services, saying they forgo "all types of services" misrepresents the concept, as they still perform some essential functions. Focusing solely on negotiation and conflict resolution or online marketing services does not encapsulate the broader scope of duties that are commonly reduced or excluded in such arrangements.