Under Virginia law, dual agency occurs when a licensed real estate agent or brokerage represents which of the following?
Correct Answer
A) Both the buyer and the seller in the same real estate transaction
Under Virginia law and 18 VAC 135-20, dual agency arises when the same licensee or brokerage represents both the buyer and the seller in the same transaction. This creates an inherent conflict of interest that requires written informed consent from all parties before it is permissible.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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