Agency
Under Virginia's brokerage relationship disclosure law, a licensee who has not yet entered an agency relationship with a buyer must treat the buyer as:
AA client with full fiduciary duties
BA customer, with duties of honesty and disclosure of material facts✓ Correct
CAn adversary to the seller
DAn anonymous member of the public
Explanation
Before entering a brokerage relationship, Virginia licensees owe a customer (not client) the duties of honest dealing and disclosure of known material adverse facts, but not the full fiduciary duties owed to a client.
Related Virginia Agency Questions
- Which document in Virginia formally establishes a buyer representation relationship?
- Under Virginia law, which of the following must a buyer's agent disclose to a seller?
- A Virginia buyer's agent who fails to present a seller's counteroffer to their buyer client within a reasonable time may be liable for:
- Under Virginia's agency law, an agent must disclose all material facts that could affect the value or desirability of the property. This duty is called:
- In Virginia, when the parties in a real estate transaction decide on their own to terminate a contract, the agent's role in releasing the earnest money is to:
- In Virginia, a 'transaction broker' (non-agent) differs from an agent because the transaction broker:
- A Virginia listing agent receives an offer that is lower than the listing price but that the agent personally believes the seller should accept. The agent must:
- A Virginia licensee who acts as a property manager and represents the owner in leasing transactions must have:
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