Agency
In Virginia, a licensee acting as a 'transaction broker' (non-agent) owes the consumer which of the following?
AFull fiduciary duties including loyalty and confidentiality
BLimited duties of honesty, disclosing material facts, and using reasonable care✓ Correct
CNo duties of any kind
DThe same duties as a buyer's agent
Explanation
A Virginia licensee providing services without creating an agency relationship (no representation) owes limited duties: honesty, disclosure of material facts known to be false, and reasonable care — but not full fiduciary duties.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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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