Agency
In West Virginia, if a buyer's agent has a personal financial stake in the transaction (such as owning the property being offered for sale), the agent must:
AProceed without disclosure to avoid complications
BFully disclose their interest to the buyer in writing before the buyer makes any decision✓ Correct
COnly disclose at closing when required by law
DWithdraw from representing the buyer without explanation
Explanation
An agent with a personal financial interest in a transaction has an inherent conflict of interest. Full written disclosure to the client is required so the client can make an informed decision about whether to proceed with that agent or seek independent representation.
Related West Virginia Agency Questions
- A West Virginia buyer's agent who has reason to suspect a property has an undisclosed defect should:
- A West Virginia buyer's agent who discovers after signing the buyer representation agreement that the buyer intends to use the property for an illegal purpose should:
- Procuring cause in a West Virginia real estate transaction refers to:
- A West Virginia licensee who wants to act as a buyer's agent must first establish the relationship by:
- The fiduciary duty of accounting in West Virginia requires a real estate agent to:
- In West Virginia, when must a listing agent provide agency disclosure to a prospective buyer who contacts the agent about a listing?
- Under West Virginia law, a listing agreement creates an agency relationship in which the broker represents:
- A West Virginia listing agent may disclose which of the following to a buyer without breaching their fiduciary duty to the seller?
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