Under Virginia agency law, a licensee acting as a standard agent owes fiduciary duties to the client. Which of the following is NOT a recognized fiduciary duty owed by a Virginia real estate agent to the client?
Correct Answer
C) Guaranteeing the client achieves the desired sale price
Guaranteeing a specific sale price is NOT a fiduciary duty — it is not a recognized obligation under Virginia agency law and would, in fact, be an improper promise. Virginia fiduciary duties include loyalty, confidentiality, disclosure, obedience to lawful instructions, reasonable care, and accounting. No licensee can guarantee a specific outcome in a real estate transaction, and making such a guarantee could constitute misrepresentation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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