In Virginia, which of the following best distinguishes designated agency from dual agency in an in-house transaction?
Correct Answer
B) In designated agency, the broker assigns different agents to represent each party separately, while in dual agency one agent represents both parties
Virginia law recognizes both dual agency and designated agency as distinct relationship structures. In designated agency, the supervising broker assigns one licensee to exclusively represent the buyer and a different licensee to exclusively represent the seller, allowing each party to receive more focused representation. In dual agency, a single licensee represents both the buyer and the seller in the same transaction with limited duties to each. This distinction is critical under Va. Code § 54.1-2130 et seq.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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