Agent Patel represents seller Chen under a listing agreement. During an open house, buyer Williams approaches Agent Patel and expresses strong interest in purchasing the home. Williams has no agent and asks Patel to write an offer on his behalf. Patel agrees and begins representing Williams as well. Under Virginia law, which of the following statements BEST describes the disclosure requirement for this situation?
Correct Answer
D) Agent Patel must obtain written informed consent from both Chen and Williams to proceed as a disclosed dual agent.
Under Virginia law (Va. Code § 54.1-2130 and 18 VAC 135-20-310), when a licensee proposes to represent both the buyer and the seller in the same transaction, this constitutes dual agency. Virginia permits disclosed dual agency only with the written informed consent of both parties. Agent Patel must disclose the dual agency relationship and obtain written consent from both Chen and Williams before proceeding.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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