PSI Virginia Real Estate Practice Exam

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What must be obtained if a licensee owns a property advertised?

Written consent from the seller
Verbal agreement from the buyer
Notification to a third party
No consent is required

The correct answer is: Written consent from the seller

When a licensee owns a property that is being advertised, it is crucial to obtain written consent from the seller to ensure transparency and to comply with legal and ethical standards. This written consent confirms that the seller is aware of the licensee's dual role—as both a property owner and a licensee representing the property. It helps protect all parties involved, including potential buyers, by disclosing any potential conflicts of interest the licensee may have. This requirement is in place to maintain integrity in real estate transactions and to ensure that the interests of the seller are adequately represented. By obtaining written consent, the licensee is not only adhering to regulatory guidelines but also fostering trust and clarity in the transaction process.