54.1-2131 - Licensees engaged by sellers.
§ 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 withthe brokerage agreement. In so doing, the licensee shall seek a sale at theprice and terms agreed upon in the brokerage relationship or at a price andterms acceptable to the seller; however, the licensee shall not be obligatedto seek additional offers to purchase the property while the property issubject to a contract of sale, unless agreed to as part of the brokeragerelationship 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 § 54.1-2101.1and in establishing strategies for accomplishing the seller's objectives;
c. Receiving and presenting in a timely manner written offers andcounteroffers to and from the seller and purchasers, even when the propertyis already subject to a contract of sale; and
d. Providing reasonable assistance to the seller to satisfy the seller'scontract obligations and to facilitate settlement of the purchase contract.
3. Maintain confidentiality of all personal and financial informationreceived from the client during the brokerage relationship and any otherinformation that the client requests during the brokerage relationship bemaintained confidential, unless otherwise provided by law or the sellerconsents 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 thelicensee in which the seller has or may have an interest;
6. Disclose to the seller material facts related to the property orconcerning the transaction of which the licensee has actual knowledge; and
7. Comply with all requirements of this article, all applicable fair housingstatutes and regulations, and all other applicable statutes and regulationswhich are not in conflict with this article.
B. Licensees shall treat all prospective buyers honestly and shall notknowingly give them false information. A licensee engaged by a seller shalldisclose to prospective buyers all material adverse facts pertaining to thephysical 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 improvementsthereon, and shall not refer to: (i) matters outside the boundaries of theland or relating to adjacent or other properties in proximity thereto, (ii)matters relating to governmental land use regulations, and (iii) mattersrelating to highways or public streets. Such disclosure shall be made inwriting. A licensee shall not be liable to a buyer for providing falseinformation to the buyer if the false information was provided to thelicensee by the seller or was obtained from a governmental entity or from aperson licensed, certified, or registered to provide professional services inthe Commonwealth, upon which the licensee relies, and the licensee did not(i) have actual knowledge that the information was false or (ii) act inreckless disregard of the truth. No cause of action shall arise against anylicensee for revealing information as required by this article or applicablelaw. Nothing in this article shall limit in any way the provisions of theVirginia Residential Property Disclosure Act (§ 55-517 et seq.).
C. A licensee engaged by a seller in a real estate transaction may, unlessprohibited by law or the brokerage relationship, provide assistance to abuyer or potential buyer by performing ministerial acts. Performing suchministerial acts that are not inconsistent with subsection A shall not beconstrued to violate the licensee's brokerage relationship with the sellerunless expressly prohibited by the terms of the brokerage relationship, norshall performing such ministerial acts be construed to form a brokerage oragency relationship with such buyer or potential buyer.
D. A licensee engaged by a seller does not breach any duty or obligation owedto the seller by showing alternative properties to prospective buyers,whether as clients or customers, or by representing other sellers who haveother properties for sale.
E. Licensees shall disclose brokerage relationships pursuant to theprovisions of this article.
(1995, cc. 741, 813; 2006, c. 627; 2008, c. 741.)