Sarah, a licensed Virginia salesperson, meets a buyer named Marcus at an open house. Marcus begins asking detailed questions about the property's price and whether the seller would accept a lower offer. At what point should Sarah have provided Marcus with the 'Working With Real Estate Agents' disclosure form?
Correct Answer
A) When Marcus began asking about price and the seller's willingness to negotiate
Under Va. Code § 54.1-2138, the 'Working With Real Estate Agents' form must be provided at the time of the first substantive discussion about a specific property. Questions about pricing and the seller's negotiating position constitute substantive discussions about that specific property, triggering the disclosure obligation at that moment.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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