Virginia Real Estate Exam Practice Question
You are meeting with prospective clients in person for the first time. What are you required by law to explain to them?
Correct Answer: B
Rationale: Understanding agency relationships is crucial in real estate transactions. Prospective clients must be informed about the different types of agency relationships, such as buyer's agent, seller's agent, and dual agency, to make informed decisions. This is a legal requirement that ensures transparency and protects clients' interests.
Option A, while important, specifically pertains to lead-based paint disclosures and is not a universal requirement for all real estate meetings. Option C is incorrect as dual agency is not illegal in Virginia, but rather regulated. Option D, although relevant to building trust, is not a legal obligation and does not pertain to the clients' rights or responsibilities.
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