Broker Williams operates a Virginia real estate firm. Salesperson Nguyen, affiliated with Broker Williams's firm, is the designated agent for the buyer. Salesperson Park, also affiliated with the same firm, is the designated agent for the seller. Under Virginia's designated agency statute, which of the following statements is TRUE regarding Broker Williams's role?
Correct Answer
A) Broker Williams may act as a dual agent for the transaction as a whole while the designated agents provide individual representation
Under Va. Code § 54.1-2139.1, when a Virginia broker designates different licensees within the firm to represent the buyer and seller respectively, the broker occupies the position of a dual agent for the overall transaction while the designated salespersons each provide individual representation to their respective clients. This is the defining characteristic of Virginia's designated agency model.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
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