§ 54.1-2138. Disclosure of brokerage relationship.
A. Upon having a substantive discussion about a specific property orproperties with an actual or prospective buyer or seller who is not theclient of the licensee and who is not represented by another licensee, alicensee shall disclose any broker relationship the licensee has with anotherparty to the transaction. Further, except as provided in § 54.1-2139, suchdisclosure shall be made in writing at the earliest practical time, but in noevent later than the time when specific real estate assistance is firstprovided. Such disclosure may be given in combination with other disclosuresor provided with other information, but if so, the disclosure must beconspicuous, printed in bold lettering, all capitals, underlined, or within aseparate box. Any disclosure which complies substantially in effect with thefollowing shall be deemed in compliance with this disclosure requirement:
DISCLOSURE OF BROKERAGE RELATIONSHIP The undersigned do hereby acknowledge disclosure that: The licensee ............................................................ Name of Firm represents the following party in a real estate transaction: ........ Seller(s) or ........ Buyer(s) ........ Landlord(s) or ........ Tenant(s) .................... .................... Date Name .................... .................... Date Name
B. A licensee shall disclose to an actual or prospective landlord or tenant,who is not the client of the licensee and who is not represented by anotherlicensee, that the licensee has a brokerage relationship with another partyor parties to the transaction. Such disclosure shall be in writing andincluded in all applications for lease or in the lease itself, whicheveroccurs first. If the terms of the lease do not provide for such disclosure,disclosure shall be made in writing no later than the signing of the lease.Such disclosure requirement shall not apply to lessors or lessees in singleor multifamily residential units for lease terms of less than two months.
C. If a licensee's relationship to a client or customer changes, the licenseeshall disclose that fact in writing to all clients and customers alreadyinvolved in the specific contemplated transaction.
D. Copies of any disclosures relative to fully executed purchase contractsshall be kept by the licensee for a period of three years as proof of havingmade such disclosure, whether or not such disclosure is acknowledged inwriting by the party to whom such disclosure was shown or given.
E. A limited service representative shall also make the disclosure requiredby § 54.1-2138.1.
(1995, cc. 741, 813; 1997, cc. 86, 119; 2006, c. 627.)
§ 54.1-2138. Disclosure of brokerage relationship.
A. Upon having a substantive discussion about a specific property orproperties with an actual or prospective buyer or seller who is not theclient of the licensee and who is not represented by another licensee, alicensee shall disclose any broker relationship the licensee has with anotherparty to the transaction. Further, except as provided in § 54.1-2139, suchdisclosure shall be made in writing at the earliest practical time, but in noevent later than the time when specific real estate assistance is firstprovided. Such disclosure may be given in combination with other disclosuresor provided with other information, but if so, the disclosure must beconspicuous, printed in bold lettering, all capitals, underlined, or within aseparate box. Any disclosure which complies substantially in effect with thefollowing shall be deemed in compliance with this disclosure requirement:
DISCLOSURE OF BROKERAGE RELATIONSHIP The undersigned do hereby acknowledge disclosure that: The licensee ............................................................ Name of Firm represents the following party in a real estate transaction: ........ Seller(s) or ........ Buyer(s) ........ Landlord(s) or ........ Tenant(s) .................... .................... Date Name .................... .................... Date Name
B. A licensee shall disclose to an actual or prospective landlord or tenant,who is not the client of the licensee and who is not represented by anotherlicensee, that the licensee has a brokerage relationship with another partyor parties to the transaction. Such disclosure shall be in writing andincluded in all applications for lease or in the lease itself, whicheveroccurs first. If the terms of the lease do not provide for such disclosure,disclosure shall be made in writing no later than the signing of the lease.Such disclosure requirement shall not apply to lessors or lessees in singleor multifamily residential units for lease terms of less than two months.
C. If a licensee's relationship to a client or customer changes, the licenseeshall disclose that fact in writing to all clients and customers alreadyinvolved in the specific contemplated transaction.
D. Copies of any disclosures relative to fully executed purchase contractsshall be kept by the licensee for a period of three years as proof of havingmade such disclosure, whether or not such disclosure is acknowledged inwriting by the party to whom such disclosure was shown or given.
E. A limited service representative shall also make the disclosure requiredby § 54.1-2138.1.
(1995, cc. 741, 813; 1997, cc. 86, 119; 2006, c. 627.)
§ 54.1-2138. Disclosure of brokerage relationship.
A. Upon having a substantive discussion about a specific property orproperties with an actual or prospective buyer or seller who is not theclient of the licensee and who is not represented by another licensee, alicensee shall disclose any broker relationship the licensee has with anotherparty to the transaction. Further, except as provided in § 54.1-2139, suchdisclosure shall be made in writing at the earliest practical time, but in noevent later than the time when specific real estate assistance is firstprovided. Such disclosure may be given in combination with other disclosuresor provided with other information, but if so, the disclosure must beconspicuous, printed in bold lettering, all capitals, underlined, or within aseparate box. Any disclosure which complies substantially in effect with thefollowing shall be deemed in compliance with this disclosure requirement:
DISCLOSURE OF BROKERAGE RELATIONSHIP The undersigned do hereby acknowledge disclosure that: The licensee ............................................................ Name of Firm represents the following party in a real estate transaction: ........ Seller(s) or ........ Buyer(s) ........ Landlord(s) or ........ Tenant(s) .................... .................... Date Name .................... .................... Date Name
B. A licensee shall disclose to an actual or prospective landlord or tenant,who is not the client of the licensee and who is not represented by anotherlicensee, that the licensee has a brokerage relationship with another partyor parties to the transaction. Such disclosure shall be in writing andincluded in all applications for lease or in the lease itself, whicheveroccurs first. If the terms of the lease do not provide for such disclosure,disclosure shall be made in writing no later than the signing of the lease.Such disclosure requirement shall not apply to lessors or lessees in singleor multifamily residential units for lease terms of less than two months.
C. If a licensee's relationship to a client or customer changes, the licenseeshall disclose that fact in writing to all clients and customers alreadyinvolved in the specific contemplated transaction.
D. Copies of any disclosures relative to fully executed purchase contractsshall be kept by the licensee for a period of three years as proof of havingmade such disclosure, whether or not such disclosure is acknowledged inwriting by the party to whom such disclosure was shown or given.
E. A limited service representative shall also make the disclosure requiredby § 54.1-2138.1.
(1995, cc. 741, 813; 1997, cc. 86, 119; 2006, c. 627.)
