Agency
Under Virginia law, when must a buyer-broker agreement be executed?
ABefore showing any property to a buyer
BBefore writing an offer on behalf of a buyer✓ Correct
CBefore or at the time of settlement
DOnly if the buyer is obtaining financing
Explanation
Virginia law requires a written buyer-broker agreement before a licensee can write an offer on behalf of a buyer, formalizing the representation relationship and its terms.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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