Virginia licensee Elena has just entered into a buyer brokerage agreement with client Sophia. Before showing Sophia any properties, Elena must fulfill which Virginia-specific agency disclosure requirement?
Correct Answer
C) Provide Sophia with the Virginia agency disclosure form explaining the types of agency relationships available
Under Virginia law, specifically Va. Code § 54.1-2138 and VREB regulations, a licensee must provide a written agency disclosure to a prospective client at the time of the first substantive contact, explaining the types of agency relationships available in Virginia. This disclosure must occur before any substantive services are provided, including showing properties. The disclosure ensures the client understands whether the licensee represents the buyer, the seller, both (dual agency), or neither (independent contractor status).
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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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