PSI Virginia Real Estate Practice Exam

Who are considered unrepresented parties in real estate transactions?

1. Consumers who refuse to sign any contract

2. Consumers who choose to conduct a real estate transaction without a real estate professional

3. Consumers who only use online platforms for transactions

4. Consumers who have hired a real estate attorney

The correct answer is: Consumers who choose to conduct a real estate transaction without a real estate professional

Unrepresented parties in real estate transactions refer specifically to those consumers who choose to engage in the buying, selling, or leasing of property without the assistance of a licensed real estate professional, such as a broker or agent. This means they are handling all aspects of the transaction on their own, which can include everything from property searches and negotiations to paperwork and closing procedures. This choice highlights the independent nature of these consumers, acknowledging that they may have made an informed decision to navigate the real estate market without professional guidance or representation. In contrast, individuals who refuse to sign contracts, use only online platforms, or have hired a real estate attorney generally have different levels of representation or involvement that do not qualify them as "unrepresented" in the context of real estate transactions.