Under Virginia law, when a licensee provides the 'Working With Real Estate Agents' disclosure form to a prospective client, what must the licensee do to satisfy the documentation requirement?
Correct Answer
B) Retain a signed copy of the form or document the client's refusal to sign in the transaction file
Under 18 VAC 135-20-310, after providing the 'Working With Real Estate Agents' form, the licensee must obtain the prospective client's signature on the form and retain a copy, or if the client refuses to sign, the licensee must document the refusal. The signed form or documentation of refusal must be retained in the transaction file as evidence of compliance with the disclosure requirement.
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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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