Agency
Which of the following best describes a 'designated agent' in Virginia?
AA broker who represents both buyer and seller in the same transaction
BA specific licensee appointed by a broker to represent one client in a transaction where the broker is a dual agent✓ Correct
CA licensee with power of attorney for the client
DA licensee authorized to sign closing documents
Explanation
In Virginia, designated agency allows a broker serving as dual agent to appoint specific licensees to represent each party exclusively, maintaining confidentiality between the two clients.
Related Virginia Agency Questions
- Under Virginia law, a listing broker may share confidential client information with affiliated salespersons in their own office:
- In Virginia, designated agency means:
- Under Virginia's agency law, an agent must disclose all material facts that could affect the value or desirability of the property. This duty is called:
- In Virginia, 'apparent authority' arises when:
- In Virginia, a real estate licensee must provide the 'Working With Real Estate Agents' disclosure:
- Which document in Virginia formally establishes a buyer representation relationship?
- In Virginia, when a dual agent represents both buyer and seller, they must treat both parties:
- Under Virginia agency law, a buyer's agent owes which duty to the seller?
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