Terms Used In Virginia Code > Title 8.01 > Chapter 3 > Article 10 - Sale, Lease, or Exchange of Certain Estates in Property.

• Agency: means every relationship in which a real estate licensee acts for or represents a person as an agent by such person's express authority in a commercial or residential real estate transaction, unless a different legal relationship is intended and is agreed to as part of the brokerage agreement. See Virginia Code 54.1-2130
• Agent: means a real estate licensee who is acting as (i) a standard agent in a residential real estate transaction, (ii) a limited service agent in a residential real estate transaction, or (iii) an agent in a commercial real estate transaction. See Virginia Code 54.1-2130
• bill in equity: shall mean a complaint in a civil action, as provided in the Rules of Supreme Court of Virginia;

  11. See Virginia Code 8.01-2

• Brokerage relationship: means the contractual relationship between a client and a real estate licensee who has been engaged by such client for the purpose of procuring a seller, buyer, option, tenant, or landlord ready, able, and willing to sell, buy, option, exchange or rent real estate on behalf of a client. See Virginia Code 54.1-2130
• Client: means a person who has entered into a brokerage relationship with a licensee. See Virginia Code 54.1-2130
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Licensee: means real estate brokers and salespersons as defined in Article 1 (§ Virginia Code 54.1-2130
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Limited service agent: means a licensee who acts for or represents a client in a residential real estate transaction pursuant to a brokerage agreement that provides that the limited service agent will not provide one or more of the duties set forth in subdivision A 2 of §§ Virginia Code 54.1-2130
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: shall include individuals, a trust, an estate, a partnership, an association, an order, a corporation, or any other legal or commercial entity;

  6. See Virginia Code 8.01-2

• Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
• Residential real estate: means real property containing from one to four residential dwelling units and the sale of lots containing one to four residential dwelling units. See Virginia Code 54.1-2130
• Standard agent: means a licensee who acts for or represents a client in an agency relationship in a residential real estate transaction. See Virginia Code 54.1-2130
• Supervising broker: means a real estate broker who has been designated by a principal broker to supervise the provision of real estate brokerage services by associate brokers and salespersons assigned to a branch office or a real estate team. See Virginia Code 54.1-2100