Agency
A Virginia seller who has hired a listing agent and then sells the property themselves to a buyer found through their own efforts (not the broker's) in an Exclusive Agency listing:
AOwes a full commission to the broker
BDoes not owe a commission to the broker for that self-found buyer✓ Correct
COwes a partial commission of 1%
DMust still use the broker for all paperwork
Explanation
Under an exclusive agency listing, the seller retains the right to sell without owing a commission if the buyer was found through the seller's own unassisted efforts, not through the broker.
Related Virginia Agency Questions
- The Virginia Agency Disclosure Notice must be provided to a prospective buyer:
- Virginia's Residential Property Disclosure Act requires sellers to:
- Under Virginia's agency law, the principal broker of a firm is responsible for:
- Under Virginia law, a real estate agent's duty to disclose material facts extends to:
- In Virginia, when must an agent provide a written disclosure of the agency relationship to a buyer?
- A Virginia seller's agent learns during the listing that the property has a history of flooding not disclosed by the seller. The agent's duty is to:
- A Virginia buyer's agent who has not secured a signed buyer representation agreement but has been providing services to a buyer is:
- Which of the following best describes a 'designated agent' in Virginia?
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