Under Virginia law, which of the following is NOT a fiduciary duty owed by a licensee to a client in a buyer agency relationship?
Correct Answer
D) Guaranteeing the client will obtain the lowest possible purchase price
Guaranteeing the lowest possible purchase price is NOT a fiduciary duty under Virginia law. The recognized fiduciary duties owed to a client under Va. Code § 54.1-2131 are: loyalty, confidentiality, disclosure of material facts, obedience to lawful instructions, reasonable care and diligence, and accounting. A licensee must use reasonable care and skill to negotiate on the client's behalf, but cannot and does not guarantee any specific outcome or price.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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