Virginia salesperson Tom has his license suspended by VREB for 12 months due to a trust account violation. During the suspension period, Tom's client, who had signed a listing agreement before the suspension, receives an offer on the property. Tom's broker, Broker Linda, wants to assign another salesperson to handle the transaction. Which statement most accurately describes the legal situation under Virginia law?
Correct Answer
B) Broker Linda may reassign the listing to another affiliated salesperson because the listing agreement is between the client and Broker Linda's firm, not Tom personally
Under Virginia law and VREB regulations, a listing agreement is a contract between the client and the brokerage firm (represented by the principal broker), not a personal contract with the individual salesperson. Therefore, when Tom's license is suspended, Broker Linda — as the principal broker — retains the contractual relationship with the client and may assign another affiliated, active licensee to service the listing. The firm's contractual obligations to the client continue uninterrupted.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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