A West Virginia agent who purchases a listed property without disclosing their licensee status is violating the duty of:
Correct Answer
C) Disclosure and loyalty
An agent must always disclose their status as a real estate licensee when purchasing or selling property for themselves. Failure to disclose is a violation of the duties of disclosure and loyalty, and constitutes self-dealing.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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In West Virginia, a WV licensee fails to disclose on the Commission agency relationship form whether the licensee represents the seller, buyer, or both. Which statement is correct?
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
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