Agency
A Virginia licensee who is showing buyer-clients properties while the buyer has not yet signed a buyer-broker agreement is operating as:
AAn illegal agent
BA customer service representative without fiduciary duties until a written agreement is signed✓ Correct
CA subagent of the seller
DA fully obligated buyer's agent
Explanation
Before a written buyer-broker agreement is signed, the licensee has not entered a formal agency relationship and owes only the duties required of all licensees (honesty, disclosure of adverse facts), not fiduciary duties.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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