represents the following party in a residential real estate transaction: (b) A broker acting as a trading broker must: 1. after the commencement of the dual representation or representation, the licensee will not be able to advise either party on the terms of the offer or acceptance of an offer or counter-offer; However, the Licensee may have informed any part of these Terms before commencing the double performance or performance; 7. Comply with all requirements of this section, all fair housing laws and regulations for residential real estate transactions, and all other applicable laws and regulations that are not in conflict with this section. B. Licensees are required to treat all potential purchasers honestly and not knowingly provide them with false information. A licensee engaged by a vendor must disclose to potential purchasers all material adverse facts relating to the physical condition of the property that are actually known to the licensee. If a licensee is indeed aware of the existence of defective drywall walls in a residential property, the licensee must inform the prospective purchaser. For the purposes of this section, “defective drywall” means any defective drywall as defined in § 36-156.1. As used in this section, the term “physical condition of the property” means the physical condition of the property and any improvements thereto and does not refer to (i) matters outside the boundaries of the property or in respect of adjacent or adjacent properties, (ii) matters relating to government land use regulations, or (iii) matters relating to roads or highways. The disclosure must be in writing. No cause of action may be brought against Licensee for disclosure of information under this Section or applicable law.
Nothing in this section in this section limits in any way the provisions of the Virginia Residential Property Disclosure Act (§ 55.1-700 et seq.) that apply to residential real estate transactions. One. In a substantive discussion about a particular property or property in a residential real estate transaction with an actual or potential buyer or seller who is not the licensee`s client and who is not represented by another licensee, the licensee shall disclose any brokerage relationship it has with any other party to the transaction. In addition, unless otherwise provided in § 54.1-2139 or 54.1-2139.1, such disclosure must be made in writing as soon as possible, but in no case later than the time when specific real estate assistance is first provided. Such disclosure may be made in combination with other disclosures or may be provided with other information, but if such is the case, the disclosure must be clearly visible, in bold, capitalized, underlined, or in a separate field. Any disclosure substantially equivalent to the following provisions shall be deemed to comply with this disclosure requirement: (12) “Ministerial Instruments” means the acts described in section 10-6A-14* of the Code (see page 2) and other acts that do not require the exercise of professional judgment or skill by the broker or its affiliated licensee. C. The licensee may also represent the owner as a vendor or landlord if the licensee enters into a brokerage relationship that provides for it; In such a case, the Licensee must disclose such brokerage relationships in accordance with the provisions of this article. D. A licensee engaged by a tenant does not breach any duty or obligation to the tenant by showing properties of interest to the tenant to other potential tenants, whether as clients or clients, by representing other tenants who are seeking identical or different properties for rent, or by representing landlords in relation to other properties. Typically, a real estate licensee represents the seller or buyer (or owner or tenant) in a real estate transaction.
By entering into a brokerage contract, the holder establishes an agency relationship with this party as a client. However, a licensee may participate in a transaction without representing any person by acting as a transaction dealer. If a licensee acts as a transaction dealer, he or she can only perform ministerial acts. In the second reformulation of tort liability, the following examples of ministerial acts are given: C. A licence holder hired by a seller to carry out a real estate transaction may, unless prohibited by law or a brokerage agreement, assist a purchaser or prospective buyer by ministerial acts. The performance of such ministerial acts that are not contrary to Subdivision A shall not be construed as contrary to the brokerage agreement of the licence holder with the vendor, unless the terms of the brokerage agreement expressly prohibit it, and the performance of such ministerial acts shall not be interpreted as establishing a brokerage relationship with such purchaser or potential buyer. [ ] The brokerage firm represents two existing clients in the transaction and the undersigned acknowledges that: A licensee is not responsible for providing false information if the information (i) was provided to the licensee by the licensee`s client; (ii) obtained from a government agency; (iii) received from a person or non-governmental entity that has received the information from a government agency; or (iv) obtained from an authorized, certified or registered person for the provision of professional services in the Commonwealth on which the Licensee relies, and the Licensee (a) had no actual knowledge that the information was false, or (b) acted recklessly disregarding the truth. This includes all surveillance actions brought under this Chapter and all civil actions brought. However, nothing in this section shall create a civil cause of action against a licensee. “Client” means a person who has not established a brokerage relationship with a licensee, but on whose behalf a licensee performs ministerial acts in connection with a real estate transaction. If a licensee does not establish a brokerage relationship with that person, the person is presumed to be a client of the licensee and not a client.
“Limited Service Agent” means a licensee acting on behalf of or representing a client in connection with a residential real estate transaction under a brokerage agreement that provides that the limited service agent does not assume one or more of the obligations set out in paragraph A2 of sections 54.1-2131, 54.1-2132, 54.1-2133 and 54.1-2134.