Under West Virginia law, which term describes the relationship in which a real estate licensee represents a client and owes that client fiduciary duties?
Correct Answer
C) Single agency
Under the West Virginia Real Estate License Act and WVREC regulations, 'single agency' describes the relationship in which a licensee represents one party exclusively — either the buyer or the seller — and owes that client full fiduciary duties including loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care. This is the foundational agency type in West Virginia.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
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