Agency
In Virginia, when a buyer's agent submits an offer, they are acting as:
AAn agent of the seller
BAn agent of the buyer✓ Correct
CAn independent contractor with no agency relationship
DA subagent of the listing broker
Explanation
A buyer's agent represents the buyer and acts on their behalf in submitting offers and negotiating. They owe fiduciary duties to the buyer, not the seller.
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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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