Ideally, you could do as Reid Copsi shows in the picture ... Implement INotifyPropertyChanged on the model and listen to the ViewModelB for these events. Then ViewModelB will receive the changes no matter where the update occurs.
However, in some cases, the model does not implement (or cannot) INotifyPropertyChanged. In this case, you might consider using an event aggregator template to send a message between ViewModelA and instances of ViewModelB.
In this case, you can post the message "model changed" from ViewModelA. ViewModelB instances will be subscribed to this message, and each of them will be notified when A publishes the message. Then ViewModelB can raise the corresponding PropertyChanged events to tell the user interface what has changed.
More information on the event aggregator can be found in many frameworks, including
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