PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam with flashcards and multiple choice questions, each featuring hints and explanations. Get ready to ace your exam!

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What is required of a licensee regarding timely updates for listing information?

Only notify when requested by the seller
Update only if they own the property
Make timely requests for updates from a third-party service
Update the listing as soon as a sale is made

The correct answer is: Make timely requests for updates from a third-party service

A licensee is required to make timely requests for updates from a third-party service in order to ensure that listing information remains accurate and current. This is essential in real estate transactions because buyers rely on listings for accurate details about available properties. If the information is outdated or incorrect, it can lead to misunderstandings, lost opportunities, or even legal complications. Timely updates help maintain the integrity of the property listing and foster trust between the licensee, the seller, and potential buyers. By monitoring and requesting updates proactively, a licensee can ensure that the listings reflect the most recent changes, such as price adjustments, status changes (like pending or sold), and other relevant information that could affect potential buyers' interest and decisions. This diligence is crucial for effective marketing and successful transactions in real estate.