A Virginia brokerage firm uses a designated agency model. Salesperson Rodriguez is designated as the buyer's agent and Salesperson Kim is designated as the seller's agent for the same transaction, both working under Broker Patel. Which of the following statements accurately describes the disclosure requirement for this arrangement under Virginia law?
Correct Answer
A) Broker Patel must obtain written consent from both the buyer and seller acknowledging the designated agency arrangement
Under Va. Code § 54.1-2139.1, designated agency in Virginia requires the broker to obtain written consent from both the buyer and the seller acknowledging that different licensees within the same firm will represent each party. Broker Patel, as the supervising broker, must ensure both parties have provided informed written consent to this arrangement.
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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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