Agency
A Virginia listing agent posts on social media that a property they have listed for sale has been sold, before closing has occurred. This may:
ABe excellent marketing
BConstitute a misrepresentation or premature disclosure that could harm all parties✓ Correct
CBe required by MLS rules
DOnly violate VREB rules if a complaint is filed
Explanation
Announcing a sale before closing is premature — transactions can fall through. This can create misleading impressions about the market and potentially harm the transaction if buyers who could save a deal see it as closed.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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