§ 54.1-2138 — Disclosure of brokerage relationship in residential real estate transactions

Virginia § 54.1-2138

• Jurisdiction: Virginia
• Title 54.1: PROFESSIONS AND OCCUPATIONS
• Subtitle II: PROFESSIONS AND OCCUPATIONS REGULATED BY THE DEPARTMENT OF PROFESSIONAL AND OCCUPATIONAL REGULATION AND BOARDS WITHIN THE DEPARTMENT
• Ch. 21: REAL ESTATE BROKERS, SALES PERSONS AND RENTAL LOCATION AGENTS
• Art. 3: DUTIES OF REAL ESTATE BROKERS AND SALESPERSONS

Text

A. Upon having a substantive discussion about a specific property or properties in a residential real estate transaction with an actual or prospective buyer or seller who is not the client of the licensee and who is not represented by another licensee, a licensee shall disclose any broker relationship the licensee has with another party to the transaction. Further, except as provided in § 54.1-2139 or 54.1-2139.1, such disclosure shall be made in writing at the earliest practical time, but in no event later than the time when specific real estate assistance is first provided. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box. Any disclosure which complies substantially in effect with the following shall be deemed in compliance with this disclosure requirement:

DISCLOSURE OF BROKERAGE RELATIONSHIP IN A RESIDENTIAL REAL ESTATE TRANSACTION

The undersigned do hereby acknowledge disclosure that:

The licensee.....................… (name of broker or salesperson) associated with.........................…(Name of Brokerage Firm) represents the following party in a residential real estate transaction:

....… Seller(s) or ....… Buyer(s)

....… Landlord(s) or ....… Tenant(s)

................… ..........................…

Date Name

................… ..........................…

Date Name

B. A licensee shall disclose to an actual or prospective landlord or tenant, who is not the client of the licensee and who is not represented by another licensee, that the licensee has a brokerage relationship with another party or parties to the transaction. Such disclosure shall be in writing and included in all applications for lease or in the lease itself, whichever occurs first. If the terms of the lease do not provide for such disclosure, disclosure shall be made in writing no later than the signing of the lease. Such disclosure requirement shall not apply to lessors or lessees in single or multifamily residential units for lease terms of less than two months.

C. If a licensee's relationship to a client or customer changes, the licensee shall disclose that fact in writing to all clients and customers already involved in the specific contemplated transaction.

D. Copies of any disclosures relative to fully executed purchase contracts shall be kept by the licensee for a period of three years as proof of having made such disclosure, whether or not such disclosure is acknowledged in writing by the party to whom such disclosure was shown or given.

E. A limited service agent shall also make the disclosure required by § 54.1-2138.1.

Legislative History

1995, cc. 741, 813; 1997, cc. 86, 119; 2006, c. 627; 2012, c. 750; 2016, c. 334.