Agency
In Virginia, the three parties in a typical real estate agency relationship are:
ABuyer, seller, and VREB
BPrincipal (client), agent (licensee), and third party✓ Correct
CBorrower, lender, and trustee
DGrantor, grantee, and title company
Explanation
An agency relationship involves: the principal (client who hires the agent), the agent (licensee who acts on the principal's behalf), and third parties (those the agent deals with on the principal's behalf).
Related Virginia Agency Questions
- A Virginia real estate agent who represents a builder as a listing agent for new construction has a duty to:
- A Virginia real estate licensee who is also a licensed mortgage loan originator may represent a buyer AND provide mortgage services, but must:
- In Virginia, a real estate licensee must provide the 'Working With Real Estate Agents' disclosure:
- A Virginia listing agent represents the seller. The agent's fiduciary duties to the seller include all of the following EXCEPT:
- A Virginia licensee who is showing buyer-clients properties while the buyer has not yet signed a buyer-broker agreement is operating as:
- A Virginia buyer's agent who is also a licensed appraiser may prepare a comparative market analysis (CMA) for the buyer, but the CMA:
- A Virginia seller's agent who learns that the seller has committed fraud in a prior transaction involving the property must:
- 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?
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