Virginia Real Estate Exam Practice Question
An agent has an open house scheduled for Sunday, but lets her friend in on Saturday to preview it. Its love at first sight. With the owner out of town, the agent decides to cancel the open house so there wont be any other offers. Her friend makes an offer and its accepted on Monday. What fiduciary duty or duties has the agent breached?
Correct Answer: D
Rationale: The agent has breached the fiduciary duties of loyalty and disclosure. Loyalty requires the agent to act in the best interest of the client, which was compromised by prioritizing her friend's interests over the owner's by canceling the open house to prevent competing offers. Disclosure involves informing the client of all relevant information, including the friend's interest in the property.
Option A, accounting, is incorrect as it pertains to financial management rather than conflicts of interest. Option B, accounting and disclosures, is also incorrect since the primary breach relates to loyalty. Option C, disclosure alone, fails to address the loyalty aspect, which is critical in this scenario.
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