Virginia License Law
When a Virginia licensee acts as a property manager AND a real estate agent for the same client in different transactions, they must:
AAlways combine the roles into a single agreement
BMaintain separate agreements for each role with appropriate disclosures✓ Correct
CGet VREB approval for each dual-role transaction
DCharge a combined fee for both services
Explanation
Different roles (property management vs. sales agency) involve different duties and compensation structures.
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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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
State-Specific Concepts
License Law
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