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Who is a sub agent in real estate in virginia

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Who is a Sub-Agent in Real Estate in Virginia?

In the realm of real estate transactions, there are various professionals involved to ensure the smooth buying or selling process of a property. Among these professionals is a sub-agent, whose role is often misunderstood or overlooked. In this comprehensive review, we will delve into the concept of a sub-agent in the real estate industry in Virginia, shedding light on their responsibilities, qualifications, and significance.

A sub-agent is an individual who works alongside a real estate agent, representing the interests of the client in a transaction. In Virginia, as in many other states in the US, the sub-agent owes fiduciary duties to both the agent and the client. This means that they have a legal and ethical obligation to act in the best interests of both parties involved.

The sub-agent's primary responsibility is to assist the agent in facilitating the real estate transaction. They may perform tasks such as conducting research on potential properties, gathering information on market trends, attending property inspections, coordinating with lenders and appraisers, and preparing necessary documentation.

To become a sub-agent in Virginia, one must possess a real estate license. This license requires individuals to complete pre-licensing education, pass a state exam, and meet specific eligibility requirements. Additionally, sub-agents

191- A "Sub-agent" is a person employed by, and acting under the control of, the original agent in the business of the agency. Thus Sub Agent is appointed by original agent and works under control of original agent. In following exceptional circumstance the sub agent can be appointed by original Agent.

What is a subagent in real estate?

In real estate, a sub-agent is responsible for bringing a prospective buyer to a property. However, even though the sub-agent is working directly with the buyer, they are actually working on behalf of the listing broker (who represents the seller of the home).

What is an example of a subagent agent?

An example to illustrate a subagent would be Sam (seller), who hires Randy (salesperson) as his agent. Dan (salesperson) has an interested buyer, but he is not the buyer's retained agent. Dan, therefore, is a subagent helping the seller's agent.

What do you mean by sub agent?

: a subordinate agent : an agent (such as a real estate broker) who is authorized by another agent to act in that person's place. In a subagency, the selling broker is a subagent of the seller because the selling broker derives his/her authority from the listing broker.

What is the role of a sub agent?

A Sub Agent is responsible for the management or assisting the Site Agent or Project Manager on Construction projects and schemes, in order to achieve required project delivery to the objectives, while maintaining standards of health and safety, quality, environmental impact and cost control.

What is the difference between an agent and a subagent?

It is the Broker who is the Agent of the Buyer or Seller. The Sub-Agent is an agent of the Broker, works for the Broker, and represents the interest of the Broker.

What is a major disadvantage for a buyer under subagency?

What is the major disadvantage to the buyer when working with a subagent? The major disadvantage is that there is no obligation to obtain the best price or terms for the buyer, since the broker, as subagent, was obligated to obtain the best terms for the seller.

Frequently Asked Questions

What does a subagent normally represent?

The subagent represents the seller, and therefore, works with the buyer, but not for the buyer. The subagent owes fiduciary duties to the listing broker and to the seller.

What is the difference between agent and sub agent?

The Sub-Agent is not an agent of the Buyer or Seller. It is the Broker who is the Agent of the Buyer or Seller. The Sub-Agent is an agent of the Broker, works for the Broker, and represents the interest of the Broker.

What is a sub agent in a real estate transaction?

In real estate, a sub-agent is responsible for bringing a prospective buyer to a property. However, even though the sub-agent is working directly with the buyer, they are actually working on behalf of the listing broker (who represents the seller of the home).

FAQ

What is a sub agent broker?

In real estate, a sub-agent is responsible for bringing a prospective buyer to a property. However, even though the sub-agent is working directly with the buyer, they are actually working on behalf of the listing broker (who represents the seller of the home).

What is an example of a sub-agency?

One example of a subagency is when a buyer works with an agent but is also looking for properties independently. They may contact the listing agent of the home they're interested in to find out more information.

Who is a sub agent in real estate in virginia

What is a subagent in NC?

A seller subagent is a broker who assists the buyer in a transaction even though that broker represents the seller. This most often occurs when the buyer wants assistance but will not give permission for the broker to represent them directly as a buyer agent.

Is a subagent is an agent of an agent? A subagent is an agent in the real estate industry who brings in buyers to a property. Usually, they are not the listing agents of the property. They usually owe their fiduciary duty to the seller.

  • What is the legal position of a sub agent?
    • 191- A "Sub-agent" is a person employed by, and acting under the control of, the original agent in the business of the agency. Thus Sub Agent is appointed by original agent and works under control of original agent. In following exceptional circumstance the sub agent can be appointed by original Agent.

  • What is a sub agent in nc real estate
    • Feb 13, 2023 — A subagent is "a real estate broker who, with the consent of the listing agent, acts for the seller and brings in a buyer in a transaction." In 

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