Virginia License Law
Under Virginia Code § 54.1-2132, a licensee acting as a 'standard agent' owes which duties to the client?
AOnly honesty and fair dealing
BThe duties of a fiduciary including loyalty, disclosure, confidentiality, accounting, obedience, and reasonable care✓ Correct
COnly the duty to disclose material defects
DOnly the duties agreed upon in the listing agreement
Explanation
A Virginia standard agent owes full fiduciary duties to the client: loyalty, disclosure of all material facts, confidentiality, accounting for all funds, obedience to lawful instructions, and reasonable care and diligence. These are the core duties codified in Virginia's agency statute.
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