Agency
A Virginia listing agent receives an offer on a property they have listed. The agent also represents the buyer. Without written consent from both parties, this would constitute:
ALegal disclosed dual agency
BUndisclosed dual agency, which is prohibited✓ Correct
CA designated agency arrangement
DStandard transaction brokerage
Explanation
Representing both buyer and seller without written disclosure and consent is undisclosed dual agency, which is a violation of Virginia license law and could result in disciplinary action.
Related Virginia Agency Questions
- Which type of agency relationship is created when a Virginia broker represents both buyer and seller in the same transaction with both parties' informed written consent?
- A Virginia buyer's agent writes an offer on behalf of their client. The offer is rejected. The buyer's agent's fiduciary duties to their client:
- A Virginia buyer's agent who receives the seller's counteroffer must:
- Under Virginia law, a seller's agent may give the buyer general factual information about a property, such as square footage and tax information, without creating a buyer-agency relationship because:
- A Virginia buyer's agent discovers their buyer client is being sued for unpaid debts. The agent's duty of confidentiality means they should:
- Under Virginia law, a 'designated agent' is a licensee who:
- A Virginia listing agent who receives a buyer's offer containing confidential financial information should:
- In Virginia, a 'transaction broker' (non-agent) differs from an agent because the transaction broker:
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