54.1-2130 - Definitions.
§ 54.1-2130. Definitions.
As used in this article:
"Agency" means every relationship in which a real estate licensee acts foror represents a person by such person's express authority in a real estatetransaction, unless a different legal relationship is intended and is agreedto as part of the brokerage relationship. Agency includes representation of aclient as a standard agent or a limited service agent. Nothing in thisarticle shall prohibit a licensee and a client from agreeing in writing to abrokerage relationship under which the licensee acts as an independentcontractor or which imposes on a licensee obligations in addition to thoseprovided in this article. If a licensee agrees to additional obligations,however, the licensee shall be responsible for the additional obligationsagreed to with the client in the brokerage agreement. A real estate licenseewho enters into a brokerage relationship based upon a written brokerageagreement that specifically states that the real estate licensee is acting asan independent contractor and not as an agent shall have the obligationsagreed to by the parties in the brokerage agreement, and such real estatelicensee and its employees shall have no obligations under §§ 54.1-2131through 54.1-2135 of this article.
"Brokerage agreement" means the agreement by which a real estate licenseerepresents a client in a brokerage relationship.
"Brokerage relationship" means the contractual relationship between aclient and a real estate licensee who has been engaged by such client for thepurpose of procuring a seller, buyer, option, tenant, or landlord ready,able, and willing to sell, buy, option, exchange or rent real estate onbehalf of a client.
"Client" means a person who has entered into a brokerage relationship witha licensee.
"Common source information company" means any person, firm, or corporationthat is a source, compiler, or supplier of information regarding real estatefor sale or lease and other data and includes, but is not limited to,multiple listing services.
"Customer" means a person who has not entered into a brokerage relationshipwith a licensee but for whom a licensee performs ministerial acts in a realestate transaction. Unless a licensee enters into a brokerage relationshipwith such person, it shall be presumed that such person is a customer of thelicensee rather than a client.
"Designated agent" or "designated representative" means a licensee whohas been assigned by a principal or supervising broker to represent a clientwhen a different client is also represented by such principal or broker inthe same transaction.
"Dual agent" or "dual representative" means a licensee who has abrokerage relationship with both seller and buyer, or both landlord andtenant, in the same real estate transaction.
"Licensee" means real estate brokers and salespersons as defined in Article1 (§ 54.1-2100 et seq.) of Chapter 21 of this title.
"Limited service representative" means a licensee who acts for orrepresents a client with respect to real property containing from one to fourresidential units, pursuant to a brokerage agreement that provides that thelimited service representative will not provide one or more of the duties setforth in subdivision A 2 of §§ 54.1-2131, 54.1-2132, 54.1-2133, and54.1-2134, inclusive. A limited service representative shall have theobligations set out in the brokerage agreement, except that a limited servicerepresentative shall provide the client, at the time of entering thebrokerage agreement, copies of any and all disclosures required by federal orstate law, or local disclosures expressly authorized by state law, and shalldisclose to the client the following in writing: (i) the rights andobligations of the client under the Virginia Residential Property DisclosureAct (§ 55-517 et seq.); (ii) if the client is selling a condominium, therights and obligations of the client to deliver to the purchasers, or toreceive as purchaser, the condominium resale certificate required by §55-79.97; and (iii) if the client is selling a property subject to theProperty Owners' Association Act (§ 55-508 et seq.), the rights andobligations of the client to deliver to the purchasers, or to receive aspurchaser, the association disclosure packet required by § 55-509.5. Alimited service representative may act as the agent or representative of theclient only by so providing in writing in the brokerage agreement. If thebrokerage agreement does not so state, the limited service representativeshall be deemed as acting as an independent contractor of the client.
"Ministerial acts" means those routine acts which a licensee can performfor a person which do not involve discretion or the exercise of thelicensee's own judgment.
"Standard agent" means a licensee who acts for or represents a client in anagency relationship. A standard agent shall have the obligations as providedin this article and any additional obligations agreed to by the parties inthe brokerage agreement.
(1995, cc. 741, 813; 2006, c. 627; 2008, cc. 851, 871.)