Under West Virginia law, which of the following agency relationships is formally recognized when a licensee represents only the seller in a real estate transaction?
Correct Answer
B) Seller's agency, with fiduciary duties owed solely to the seller
West Virginia Code §30-40 formally recognizes seller's agency, buyer's agency, and dual agency as the primary agency relationships. In a seller's agency relationship, the licensee owes full fiduciary duties — including loyalty, confidentiality, disclosure, obedience, and reasonable care — exclusively to the seller. West Virginia does not separately codify 'transaction brokerage' as a distinct agency category.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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