Buyer Priya is working with salesperson Jake, who has not provided the 'Working With Real Estate Agents' form. Priya makes an offer on a property listed by Jake's own firm. Jake's broker is aware that no agency disclosure form was provided. Under Virginia law, which of the following BEST describes the consequence of this omission?
Correct Answer
D) Jake and possibly his broker may face disciplinary action by the VREB for violating disclosure requirements
Under Va. Code § 54.1-2138 and 18 VAC 135-20-310, failure to provide the 'Working With Real Estate Agents' disclosure form is a violation of Virginia license law. The VREB may impose disciplinary sanctions on Jake for the failure to disclose, and the broker may also face disciplinary action for inadequate supervision under 18 VAC 135-20-185. The violation triggers regulatory consequences, not automatic contract voidance.
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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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