In Virginia, licensee Brian is representing seller Donna. A buyer's agent submits an offer below asking price. Donna instructs Brian not to counter and to let the offer expire. Later that day, Brian receives a full-price cash offer from another buyer. What is Brian's duty under Virginia agency law?
Correct Answer
D) Present the full-price cash offer to Donna promptly, regardless of the pending first offer
Under Virginia law and VREB regulations, a licensee must present all written offers to the seller promptly. The duty of disclosure and the obligation to present offers require Brian to bring the full-price cash offer to Donna's attention immediately, even while the first offer is still pending. Donna has the right to make an informed decision with full knowledge of all offers. Waiting for the first offer to expire would deprive Donna of material information.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
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