Informed Consumers · Selling · Training

Appraised Value vs. Tax Assessment

Appraised Value verses Assessed Value can be one of the most misunderstood concepts in property values. An appraisal is a formal estimate of market value performed by a licensed appraiser using analytical procedures and formulas.  The appraiser will use the sales price of recently sold, nearby homes, with similar features (comparables), making adjustments for any… Continue reading Appraised Value vs. Tax Assessment

Informed Consumers · Training

Other HB 1907 Changes

VREB Disciplinary Authority Every real estate Licensee, whether active or inactive, must fully comply with all Virginia Code and Standards of Conduct, which are enforced by the Virginia Real Estate Board (VREB).  Failure to comply will result in disciplinary action. VREB has broad authority to discipline Licensees who violate the License Law, Rules, and Regulations. … Continue reading Other HB 1907 Changes

Informed Consumers · Training

Understanding Dual & Designated Representation Disclosure Requirements

Disclosed Dual Representation (§ 54.1-2139.2.) A Licensee may act as a Dual Representative only with the Disclosed written consent of all Clients to the transaction, in addition to the Disclosure of the Brokerage relationship. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure shall… Continue reading Understanding Dual & Designated Representation Disclosure Requirements

Informed Consumers · Training

Disclosure of Brokerage Relationships – Continued

Changes in Agency Relationship HB 1907 also requires that if after the initial written Disclosure is given the Agency relationship changes between the Licensee and Client or Customer, then the Licensee must Disclose such material changes in writing to all Clients and Customers already involved in the transaction, and receive written consent.  Be sure to… Continue reading Disclosure of Brokerage Relationships – Continued

Informed Consumers · Training

DISCLOSURE OF BROKERAGE RELATIONSHIPS

Virginia Agency Disclosure We discussed in previous chapters that Virginia Law requires Licensees, both Agency and non-Agency, make certain Disclosures to Clients and Customers.  Now that we have an understanding of the different types of Agency relationships, Duties, Brokerage agreements, let’s discuss how to apply what we’ve learned to Virginia Licensee Disclosure requirements. Remember that… Continue reading DISCLOSURE OF BROKERAGE RELATIONSHIPS

Informed Consumers · Training

Contracts & Broker Agreements – Continued

Defining the Brokerage Relationship & Services “Brokerage Agreement” means the written agreement (Contract) creating a Brokerage relationship between a Client and a Licensee.  The Brokerage agreement must clearly state whether the Licensee represents the Client as an Agent (Standard Agency) or as an Independent Contractor (non-Agency). Changes to Virginia Legislature per HB 1907 require that… Continue reading Contracts & Broker Agreements – Continued

Informed Consumers · Training

CONTRACTS & BROKERAGE AGREEMENTS

Real Estate Contracts A contract is a legally enforceable agreement between competent parties who agree to perform, or refrain from performing, certain acts.  A contract represents the “meeting of the minds”, the agreement, between parties.  It’s important to note that the term “contract” does not actually refer to a written agreement.  Remember, the parties only… Continue reading CONTRACTS & BROKERAGE AGREEMENTS