Question 28

Agents practicing no agency in Virginia are sometimes referred to as intermediaries.

In Virginia, agents who operate without representing either party in a transaction are commonly termed intermediaries. This designation reflects their role in facilitating the transaction without taking on the fiduciary responsibilities associated with agency.

A) dual agents

Dual agents represent both the buyer and the seller in a transaction, which involves a fiduciary duty to both parties. This choice is incorrect because dual agency implies that the agent is acting on behalf of both parties, contrary to the concept of no agency.

B) appraisers

Appraisers are professionals who assess property values rather than facilitate real estate transactions. This option is incorrect as appraisers do not function in an agency capacity and are not involved in representing parties within a transaction.

C) single agents

Single agents represent one party in a transaction, either the buyer or the seller, which involves a clear fiduciary relationship. This option is incorrect because single agency contrasts with the no agency concept, where no party is represented.

D) intermediaries

Intermediaries refer to agents who assist in the transaction without representing either the buyer or the seller, effectively acting as facilitators. This is the correct answer, as it accurately describes the role of agents practicing no agency in Virginia.

Conclusion

The designation of intermediaries for agents practicing no agency accurately reflects their function in real estate transactions within Virginia. All other options—dual agents, appraisers, and single agents—fail to embody the essence of non-representation inherent in the concept of no agency. Thus, intermediaries are the appropriate term for such agents.