Under Virginia law, which term describes the agency relationship in which a licensee represents only the buyer in a real estate transaction?
Correct Answer
B) Buyer agency
Under Virginia law (Va. Code § 54.1-2130 et seq.), buyer agency is the relationship in which a licensee represents exclusively the buyer, owing the buyer full fiduciary duties including loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
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.
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