PSI Virginia Real Estate Practice Exam

What is the function of a limited service agent?

1. To represent the seller fully

2. To perform only selected services as agreed with the client

3. To manage the entire transaction independently

4. To provide no services to the client

The correct answer is: To perform only selected services as agreed with the client

A limited service agent plays a specific role in real estate transactions by performing only selected services that have been agreed upon with the client. This arrangement allows the client to take on more responsibility for the transaction while still benefiting from certain services provided by the agent. For instance, a limited service agent might assist with listing the property on the MLS while the seller handles showings and negotiations. This model suits clients looking for flexibility and control over their transaction while still having professional assistance in key areas. The other options suggest different levels of service or roles that do not align with the concept of a limited service agent. Full representation typically includes comprehensive support, which goes beyond the boundaries of limited service. Managing the entire transaction independently is more of a traditional full-service agent's role, while providing no services at all contradicts the basic function of any real estate agent.