Agency Relationships and the Notice of Agency Relationship
West Virginia requires licensees to disclose the available agency relationships in writing. This chapter covers the Notice of Agency Relationship and the recognized relationships, including dual agency.
The Notice of Agency Relationship
West Virginia licensees must give consumers a written Notice of Agency Relationship explaining how a licensee may work with them, such as representing the seller, representing the buyer, or acting as a dual agent. The notice is informational and helps consumers understand who represents them before they share confidential negotiating information.
Recognized Relationships
A seller's agent represents the seller and owes fiduciary duties to that client; a buyer's agent represents the buyer. In every relationship the licensee owes honesty and the disclosure of known material facts. Clear disclosure of the chosen relationship prevents later disputes about representation.
Dual Agency
A licensee may represent both the buyer and the seller in the same transaction only with the informed consent of both parties. A dual agent must remain neutral and must not disclose one party's confidential information, such as the highest price a buyer will pay, to the other. A supervising broker should confirm that the required disclosures were properly made.