54.1-2138.1 - Limited service representative, contract disclosure required.
§ 54.1-2138.1. Limited service representative, contract disclosure required.
A. A licensee may act as a limited service representative only pursuant to awritten brokerage agreement in which the limited service representative (i)discloses that the licensee is acting as a limited service representative;(ii) provides a list of the specific services that the licensee will provideto the client; and (iii) provides a list of the specific duties of a standardagent set out in subdivision A 2 of § 54.1-2131, subdivision A 2 of §54.1-2132, subdivision A 2 of § 54.1-2133, or subdivision A 2 of § 54.1-2134,as applicable, that the limited service representative will not provide tothe client. Such disclosure shall be conspicuous and printed either in boldlettering or all capitals, and shall be underlined or in a separate box. Inaddition, a disclosure that contains language that complies substantially ineffect with the following shall be deemed in compliance with this disclosurerequirement:
"By entering into this brokerage agreement, the undersigned do herebyacknowledge their informed consent to the limited service representation bythe licensee and do further acknowledge that neither the other party to thetransaction nor any real estate licensee representing the other party isunder any legal obligation to assist the undersigned with the performance ofany duties and responsibilities of the undersigned not performed by thelimited service representative."
B. A licensee engaged by one client to a transaction and dealing with anunrepresented party or with a party represented by a limited servicerepresentative and who, without additional compensation, provides such otherparty information relative to the transaction or undertakes to assist suchother party in securing a contract or with such party's obligationsthereunder, shall not incur liability for such actions except in the case ofgross negligence or willful misconduct. A licensee does not create abrokerage relationship by providing such assistance or information to theother party to the transaction. A licensee dealing with a client of a limitedservice representative may enter into an agreement with that party forpayment of a fee for services performed or information provided by thatlicensee. Such payment shall not create a brokerage relationship; however,the licensee providing such services or information for a fee shall be heldto the ordinary standard of care in the provision of such services orinformation.
(2006, c. 627.)