Virginia Real Estate Salesperson Exam — All Questions
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An agent learns that the seller-client is willing to accept far less than the listing price. Which fiduciary duty requires the agent to keep this from the buyer?
- a.Accounting
- b.Obedience
- c.Confidentiality✓
- d.Disclosure
The duty of confidentiality requires the agent to protect the client's private information, such as the lowest price the seller will accept. Disclosing that to the buyer would harm the client's bargaining position and breach the agent's duty.
A licensee assists a buyer and a seller in a transaction but does not represent either as a fiduciary. This arrangement is best described as:
- a.Dual agency
- b.An independent (non-agent) or transaction relationship✓
- c.Subagency
- d.Universal agency
When a licensee helps parties complete a transaction without representing either as an agent, the licensee acts as an independent or transaction-type intermediary, providing services without owing full fiduciary duties. Dual agency, by contrast, means representing both parties as clients.