“Is this dual agency?”
December 29, 2023
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.
Q: I am the principal broker of my firm, and I am the listing agent for a residential property. If an agent in my firm brings a buyer, and we ratify a contract, is this dual agency or designated agency?
A: This is a dual agency relationship. As principal broker, you represent both clients in this situation. While there is another agent representing the buyer, you have not designated another agent to represent the seller. There cannot be a designated agency with only two licensees involved. If you want to create a designated agency, you need to appoint another agent in your firm as the listing agent.
What is the Legal Hotline?
The Legal Hotline is a member benefit that has been supporting members for over 25 years. Our team of lawyers answers your important questions about real estate transactions quickly and accurately (usually within three business hours!).
Here are some tips to help make the Legal Hotline work for you!
You might also like…
“Can cooperative compensation be a condition of the buyer-broker agreement?”
By Ryan Leonard - July 24, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More
Your Guide to Tenant Confidentiality According to the VRLTA
By Jon Haley - July 17, 2024
Keeping information received from tenants and prospective tenants confidential is one of your most important responsibilities as a property manager. Luckily, the VRLTA provides a pretty thorough list… Read More
“A home I’m listing borders land where a mixed-use development is planned. As a dual agent, must I disclose this?”
By Sean Olk - July 15, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.… Read More