Agency
Under Virginia law, when must a licensee first provide the agency disclosure (Virginia Disclosure of Real Estate Agency Relationships) to a prospective buyer?
ABefore writing an offer
BAt the time of the first substantive contact with the prospective buyer✓ Correct
CWhen the buyer signs a buyer agency agreement
DAt settlement
Explanation
Virginia law requires licensees to provide the agency disclosure form at the time of the first substantive discussion about a specific property. This ensures prospective clients understand the agency relationship before confidential information is exchanged.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
State-Specific Concepts
Disclosure Requirements
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