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
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
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
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
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
Common Law: Agency Duties Owed to Client The term Fiduciary refers to a person holding a position of trust and confidence by virtue of his representation of another (Agency). Every Licensee who has established an Agency relationship has a Fiduciary Duty to their Client, and to some extent Customers as well. Real Estate and Property… Continue reading Common Law & Standard Agency Duties
Agency vs. Non-Agency The first step to deciding which hat you’re wearing is to understand the difference between creating an Agency or non-Agency relationship. As defined by law, the sole difference rests on whether the written Brokerage Agreement states the Licensee is acting as a Standard Agent (Agency) or as an Independent Contractor (non-Agency) relationship. … Continue reading AGENCY TYPES: Which Agency Hat Are You Wearing?