Agency
A Virginia seller's agent who learns that the seller has committed fraud in a prior transaction involving the property must:
AMaintain client confidentiality
BDisclose the information to prospective buyers as it affects the property's title or condition✓ Correct
CReport the seller to the police immediately
DTerminate the listing and take no further action
Explanation
A seller's agent who knows of prior fraud involving the property (e.g.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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