PSI Virginia Real Estate Practice Exam

What does Seller Agency represent in real estate transactions?

1. Only buyers in transactions

2. Both buyers and sellers equally

3. Only sellers in transactions

4. Investors seeking rental properties

The correct answer is: Only sellers in transactions

Seller agency in real estate transactions specifically refers to the legal representation of the seller's interests by a real estate agent. This relationship is established through a listing agreement between the seller and the agent, where the agent is obligated to act in the best interests of the seller. The key aspect of seller agency is that the agent's duties include marketing the property effectively, negotiating the best price and terms, and providing advice that favors the seller. This relationship is essential for ensuring that the seller receives proper representation throughout the selling process, from the preparation of the property for sale to the closing of the transaction. In contrast, other choices like representing only buyers or both parties equally do not encompass the full scope of the responsibilities and obligations inherent in seller agency. Additionally, representation regarding investors seeking rental properties falls outside the specific context of seller agency, as it pertains to a different aspect of real estate representation. Thus, the focus remains on the exclusive representation of sellers and their specific needs and interests in a real estate transaction.