Real Estate Licensing Virginia Real Estate Salesperson Exam - Topic 5 Question 9 Discussion

In Virginia, agency law recognizes several forms of representation that real estate licensees may provide. These include standard agency, dual agency, and limited service agency. But Virginia also allows licensees to operate in a capacity where they provide no agency representation to either party.

No Agency (also called ''Independent Contractor'' or ''Facilitator/Transaction Coordinator'')

When a licensee assists in a real estate transaction without representing either the buyer or the seller, they are said to be practicing ''no agency.''

In this capacity, the licensee does not advocate for either side but may assist with paperwork, communication, and coordination of the transaction.

In Virginia, such licensees are sometimes referred to as intermediaries.

Why not the other options?

Single Agent (A): A single agent represents only one party (buyer or seller) in the transaction with full fiduciary duties. This is the most common agency relationship.

Dual Agent (C): A dual agent represents both buyer and seller in the same transaction with limited duties to each. This is a recognized but restricted practice in Virginia.

Appraiser (D): An appraiser is a licensed professional who provides valuation services and is not acting as an agent or intermediary in the transaction.

Because Mindy's question specifies no agency, the correct Virginia terminology aligns with ''intermediary.''

Reference (without URLs):

Code of Virginia, Title 54.1, Chapter 21 -- Real Estate Brokers, Salespersons, and Rental Location Agents ( 54.1-2130 et seq.) (defining agency and non-agency relationships)

Real Estate Board Regulations (18 VAC 135-20-10 Definitions; 18 VAC 135-20-300 Standards of Conduct)

Virginia Real Estate Principles & Practices -- discussion on transaction coordinators/intermediaries and their duties under no-agency status