Virginia Code 54.1-2139.1: Designated standard agency or designated representation authorized in a residential real estate transaction.
A. A principal or supervising broker may assign different licensees affiliated with the broker as designated agent or representative to represent different clients in the same residential real estate transaction to the exclusion of all other licensees in the firm. Use of such designated agents or representatives shall not constitute dual agency or representation if a designated agent or representative is not representing more than one client in a particular real estate transaction; however, the principal or broker who is supervising the transaction shall be considered a dual agent or representative as provided in this article. Designated agents or representatives may not disclose, except to the affiliated licensee‘s broker, personal or financial information received from the clients during the brokerage relationship and any other information that the client requests during the brokerage relationship be kept confidential, unless otherwise provided for by law or the client consents in writing to the release of such information.
Terms Used In Virginia Code 54.1-2139.1
- 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
- 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
- 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
- Licensee: means real estate brokers and salespersons as defined in Article 1 (§ Virginia Code 54.1-2130
- 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.
- 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
- 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
B. Use of designated agents or representatives in a residential real estate transaction shall be disclosed in accordance with the provisions of this article. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure shall be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box. Any disclosure that complies substantially in effect with the following shall be deemed in compliance with such disclosure requirement:
DISCLOSURE OF DESIGNATED AGENTS OR REPRESENTATIVES IN A RESIDENTIAL REAL ESTATE TRANSACTION
The undersigned do hereby acknowledge disclosure that:
The licensee ____________________ (Name of Broker and Firm) represents more than one party in this residential real estate transaction as indicated below:
_______ Seller(s) and Buyer(s)
_______ Landlord(s) and Tenant(s).
The undersigned understand that the foregoing dual agent or representative may not disclose to either client or such client’s designated agent or representative any information that has been given to the dual agent or representative by the other client within the confidence and trust of the brokerage relationship except for that information which is otherwise required or permitted by Article 3 (§ 54.1-2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia to be disclosed.
The principal or supervising broker has assigned ____________________ to act as Designated Agent or Representative (broker or salesperson) for the one party as indicated below:
[ ] Seller(s) [ ] Buyer(s) [ ] Landlord(s) [ ] Tenant(s)
As a (select one):
[ ] standard agent [ ] limited service agent [ ] independent contractor
____________________ (broker or salesperson) to act as Designated Agent or Representative for the other party as indicated below:
[ ] Seller(s) [ ] Buyer(s) [ ] Landlord(s) [ ] Tenant(s)
As a (select one):
[ ] standard agent [ ] limited service agent [ ] independent contractor
The undersigned by signing this notice do hereby acknowledge their consent to the disclosed dual representation by the licensee.
| a | ____________________ | ________________________________________ |
| b | Date | Name (One Party) |
| c | ____________________ | ________________________________________ |
| d | Date | Name (One Party) |
| e | ____________________ | ________________________________________ |
| f | Date | Name (One Party) |
| g | ____________________ | ________________________________________ |
| h | Date | Name (One Party) |
C. The obligation to make the disclosures required by this section shall not relieve the licensee of the obligations set out in subsection B of § 54.1-2137 requiring all brokerage relationships to be set out in a written agreement between the licensee and the client.
D. No cause of action shall arise against a designated agent or representative for making disclosures of brokerage relationships as provided by this article. A designated agent or representative does not terminate any brokerage relationship by the making of any such allowed or required disclosures of dual representation.
E. In any residential real estate transaction, a licensee may withdraw, without liability, from representing a client who refuses to consent to a disclosed designated agency or representation agreement thereby terminating the brokerage relationship with such client. Such withdrawal shall not prejudice the ability of the licensee to continue to represent the other client in the transaction or to limit the licensee from representing the client who refused the designated agency or representation relationship in other transactions not involving designated representation.