Agency
A Virginia buyer's agent who discovers during due diligence that the listing agent made false statements about property features must:
ASay nothing to avoid offending the listing agent
BAdvise their buyer client of the issue and consider their legal options✓ Correct
COnly report it to VREB
DAccept the listing agent's explanation without question
Explanation
A buyer's agent owes loyalty to their client. If they discover misrepresentations by the listing agent, they must inform their buyer client and advise them to seek legal counsel if appropriate.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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