Agent Rivera is showing a property listed by a different brokerage to his buyer client, James. The listing broker has offered subagency through the MLS. Agent Rivera has a signed buyer brokerage agreement with James. Under Virginia law, what is Agent Rivera's agency status in this transaction?
Correct Answer
D) Agent Rivera is James's buyer's agent and owes fiduciary duties to James.
Because Agent Rivera has a signed buyer brokerage agreement with James, he is acting as James's buyer's agent under Va. Code § 54.1-2130. This written agreement establishes the agency relationship and obligates Rivera to provide full fiduciary duties — loyalty, confidentiality, disclosure, obedience, reasonable care, and accounting — to James, regardless of whether the listing broker has offered subagency.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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