*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.
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