Agency
Which agency relationship allows one agent or brokerage to represent both buyer and seller in the same transaction in Virginia?
ASingle agency
BSubagency
CDual agency✓ Correct
DDesignated agency
Explanation
Dual agency occurs when the same agent or brokerage represents both the buyer and the seller in the same transaction. Virginia permits dual agency with informed written consent of all parties.
Related Virginia Agency Questions
- Under Virginia's designated agency law, when both a buyer and seller are represented by agents within the same brokerage and the broker becomes a dual agent, the broker must:
- In Virginia, a buyer's broker agreement that is exclusive means:
- A Virginia seller's listing agent presents a low offer to their seller client. The seller rejects it. The agent's duty requires them to:
- In Virginia, termination of a listing agreement by the seller before expiration may result in:
- A Virginia listing agent receives an offer on a property they have listed. The agent also represents the buyer. Without written consent from both parties, this would constitute:
- In Virginia, a 'disclosed dual agent' is one who:
- When a Virginia buyer makes an offer on a property listed by a cooperating MLS member, the cooperating agent most likely represents:
- A Virginia buyer's agent who receives the seller's counteroffer must:
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