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2008 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 54.1-2131 and 54.1-2133 of the Code of Virginia are amended and reenacted as follows:
§ 54.1-2131. Licensees engaged by sellers.
A. A licensee engaged by a seller shall:
1. Perform in accordance with the terms of the brokerage relationship;
2. Promote the interests of the seller by:
a. Conducting marketing activities on behalf of the seller in accordance with the brokerage agreement. In so doing, the licensee shall seek a sale at the price and terms agreed upon in the brokerage relationship or at a price and terms acceptable to the seller; however, the licensee shall not be obligated to seek additional offers to purchase the property while the property is subject to a contract of sale, unless agreed to as part of the brokerage relationship or as the contract of sale so provides;
b. Assisting in the drafting and negotiating of offers and counteroffers, amendments, and addenda to the real estate contract pursuant to § 54.1-2101.1 and in establishing strategies for accomplishing the seller's objectives;
c. Receiving and presenting in a timely manner written offers and counteroffers to and from the seller and purchasers, even when the property is already subject to a contract of sale; and
d. Providing reasonable assistance to the seller to satisfy the seller's contract obligations and to facilitate settlement of the purchase contract.
3. Maintain confidentiality of all personal and financial information received from the client during the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential, unless otherwise provided by law or the seller consents in writing to the release of such information;
4. Exercise ordinary care;
5. Account in a timely manner for all money and property received by the licensee in which the seller has or may have an interest;
6. Disclose to the seller material facts related to the property or concerning the transaction of which the licensee has actual knowledge; and
7. Comply with all requirements of this article, all applicable fair housing statutes and regulations, and all other applicable statutes and regulations which are not in conflict with this article.
B. Licensees shall treat all prospective buyers honestly and
shall not knowingly give them false information. A licensee engaged by a seller
shall disclose to prospective buyers all material adverse facts pertaining to
the physical condition of the property which are actually known by the
licensee. As used in this section, the term "physical condition of the
property" shall refer to the physical condition of the land and any improvements
thereon, and shall not refer to: (i) matters outside the boundaries of the land
or relating to adjacent or other properties in proximity thereto, (ii) matters
relating to governmental land use regulations, and (iii) matters relating to
highways or public streets. Such disclosure shall be made in writing. Such
disclosure shall be conspicuous and printed either in bold lettering or all
capitals, and shall be underlined or in a separate box. A licensee shall
not be liable to a buyer for providing false information to the buyer if the
false information was provided to the licensee by the seller or was obtained
from a governmental entity or from a person licensed, certified, or registered
to provide professional services in the Commonwealth, upon which the licensee
relies, and the licensee did not (i) have actual knowledge that the information
was false or (ii) act in reckless disregard of the truth. No cause of action
shall arise against any licensee for revealing information as required by this
article or applicable law. Nothing in this article shall limit in any way the
provisions of the Virginia Residential Property Disclosure Act (§ 55-517 et
seq.).
C. A licensee engaged by a seller in a real estate transaction may, unless prohibited by law or the brokerage relationship, provide assistance to a buyer or potential buyer by performing ministerial acts. Performing such ministerial acts that are not inconsistent with subsection A shall not be construed to violate the licensee's brokerage relationship with the seller unless expressly prohibited by the terms of the brokerage relationship, nor shall performing such ministerial acts be construed to form a brokerage or agency relationship with such buyer or potential buyer.
D. A licensee engaged by a seller does not breach any duty or obligation owed to the seller by showing alternative properties to prospective buyers, whether as clients or customers, or by representing other sellers who have other properties for sale.
E. Licensees shall disclose brokerage relationships pursuant to the provisions of this article.
§ 54.1-2133. Licensees engaged by landlords to lease property.
A. A licensee engaged by a landlord shall:
1. Perform in accordance with the terms of the brokerage relationship;
2. Promote the interests of the landlord by:
a. Conducting marketing activities on behalf of the landlord pursuant to the brokerage agreement with the landlord. In so doing, the licensee shall seek a tenant at the rent and terms agreed in the brokerage relationship or at a rent and terms acceptable to the landlord; however, the licensee shall not be obligated to seek additional offers to lease the property while the property is subject to a lease or a letter of intent to lease under which the tenant has not yet taken possession, unless agreed as part of the brokerage relationship, or unless the lease or the letter of intent to lease so provides;
b. Assisting the landlord in drafting and negotiating leases and letters of intent to lease, and presenting in a timely manner all written leasing offers or counteroffers to and from the landlord and tenant pursuant to § 54.1-2101.1, even when the property is already subject to a lease or a letter of intent to lease; and
c. Providing reasonable assistance to the landlord to finalize the lease agreement.
3. Maintain confidentiality of all personal and financial information received from the client during the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential, unless otherwise provided by law or the landlord consents in writing to the release of such information;
4. Exercise ordinary care;
5. Account in a timely manner for all money and property received by the licensee in which the landlord has or may have an interest;
6. Disclose to the landlord material facts related to the property or concerning the transaction of which the licensee has actual knowledge; and
7. Comply with all requirements of this article, fair housing statutes and regulations, and all other applicable statutes and regulations which are not in conflict with this article.
B. Licensees shall treat all prospective tenants honestly and
shall not knowingly give them false information. A licensee engaged by a
landlord shall disclose to prospective tenants all material adverse facts
pertaining to the physical condition of the property which are actually known
by the licensee. As used in this section, the term "physical condition of
the property" shall refer to the physical condition of the land and any
improvements thereon, and shall not refer to: (i) matters outside the
boundaries of the land or relating to adjacent or other properties in proximity
thereto, (ii) matters relating to governmental land use regulations, and (iii)
matters relating to highways or public streets. Such disclosure shall be made
in writing. Such disclosure shall be conspicuous and printed either in
bold lettering or all capitals, and shall be underlined or in a separate box.
A licensee shall not be liable to a tenant for providing false information to
the tenant if the false information was provided to the licensee by the
landlord or was obtained from a governmental entity or from a person licensed,
certified, or registered to provide professional services in the Commonwealth,
upon which the licensee relies, and the licensee did not (i) have actual
knowledge that the information was false or (ii) act in reckless disregard of
the truth. No cause of action shall arise against any licensee for revealing
information as required by this article or applicable law. Nothing in this
subsection shall limit the right of a prospective tenant to inspect the
physical condition of the property.
C. A licensee engaged by a landlord in a real estate transaction may, unless prohibited by law or the brokerage relationship, provide assistance to a tenant, or potential tenant, by performing ministerial acts. Performing such ministerial acts that are not inconsistent with subsection A shall not be construed to violate the licensee's brokerage relationship with the landlord unless expressly prohibited by the terms of the brokerage relationship, nor shall performing such ministerial acts be construed to form a brokerage relationship with such tenant or potential tenant.
D. A licensee engaged by a landlord does not breach any duty or obligation owed to the landlord by showing alternative properties to prospective tenants, whether as clients or customers, or by representing other landlords who have other properties for lease.
E. Licensees shall disclose brokerage relationships pursuant to the provisions of this article.