Agency
A Virginia buyer's agent who is offered a 'bonus' by the listing broker for bringing an offer above a certain price must:
AAccept the bonus as incentive pay
BDisclose the bonus offer to their buyer client — it creates a potential conflict of interest✓ Correct
CDecline the bonus automatically
DReport it to VREB immediately
Explanation
A bonus from the listing side creates a financial incentive that may conflict with the buyer's agent's duty of loyalty. The buyer's agent must disclose the bonus to their client.
Related Virginia Agency Questions
- A Virginia real estate licensee who is also a licensed mortgage loan originator may represent a buyer AND provide mortgage services, but must:
- In Virginia, the three parties in a typical real estate agency relationship are:
- A Virginia seller tells their listing agent that they have received water in their basement during heavy rain, but asks the agent not to mention it. The agent should:
- In Virginia, a licensee acting as a 'transaction broker' (non-agent) owes the consumer which of the following?
- A Virginia buyer's agent who discovers during due diligence that the listing agent made false statements about property features must:
- Under Virginia law, an 'as-is' addendum does NOT relieve an agent from the duty to:
- In Virginia, a real estate licensee acting as a 'buyer's agent' owes the seller which of the following duties?
- Under Virginia law, an agent acting as a disclosed dual agent may NOT:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →