As defined by Virginia Real Estate Law, agency relationship ___.

This statement is misleading because it does not accurately capture the nature of agency relationships. A licensee may have a relationship with a customer, but only when that relationship is formalized as an agency does it entail the responsibilities of representation and fiduciary duties.

While licensees may work as independent contractors, this choice does not define an agency relationship. Agency focuses on the representation of clients rather than the employment status of the licensee, making this choice irrelevant in the context of agency law.

This option is inaccurate as agency relationships impose specific obligations on the licensee, including fiduciary responsibilities to act in the best interests of the client. A licensee cannot escape liability for their actions during a transaction when they are acting as an agent.