Agency
A West Virginia real estate agent who has a personal financial stake in a property they are listing or selling for a client must:
AImmediately withdraw from the transaction
BDisclose their personal interest to the client and obtain informed consent before proceeding✓ Correct
CSimply avoid mentioning the personal interest to prevent confusion
DObtain WVREC approval for each personally interested transaction
Explanation
The duty of disclosure requires agents to disclose any personal interest, including financial stakes, conflicts of interest, or related-party relationships. The client must give informed consent before the agent can proceed.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
AgencyA 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.
State-Specific Concepts
Disclosure Requirements
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