In Virginia, when a licensee represents a seller as a standard agent, the duty of confidentiality requires the licensee to protect which type of information from disclosure to the buyer?
Correct Answer
B) The seller's minimum acceptable price and motivation to sell quickly
Under Virginia agency law, the duty of confidentiality specifically protects the client's bargaining position, including the seller's minimum acceptable price and motivation or urgency to sell. Disclosing this information to the buyer would undermine the seller's negotiating leverage and violate the agent's fiduciary obligation. Va. Code § 54.1-2131(A) codifies this protection.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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