Informed Consumers · Investing · Selling · Training

Navigating Short Sales: What to Do When the Sale Price Leaves You Short

If you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won’t cover your total mortgage obligation and… Continue reading Navigating Short Sales: What to Do When the Sale Price Leaves You Short

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

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

Informed Consumers · Selling · Training

Common Law & Standard Agency Duties

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