Under Virginia law, when must a licensee first provide the 'Working With Real Estate Agents' disclosure form to a prospective buyer?
Correct Answer
A) Upon the first substantive discussion about a specific property
Under Virginia Code § 54.1-2138 and 18 VAC 135-20-310, a licensee must provide the 'Working With Real Estate Agents' disclosure form to a prospective buyer at the time of the first substantive discussion about a specific property. This ensures the buyer understands the agency relationships available before any meaningful negotiation begins.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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