Virginia law requires that before a licensee may act as a dual agent, the licensee must obtain which of the following?
Correct Answer
A) Written informed consent from all parties to the transaction
Virginia law requires written informed consent from all parties — both the buyer and the seller — before a licensee may legally act as a dual agent. This consent must be obtained prior to the dual agency relationship commencing, not at closing. The requirement is codified under Va. Code § 54.1-2139 and reinforced by 18 VAC 135-20.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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