54.1-2139 - Disclosed dual or designated representation authorized.
§ 54.1-2139. Disclosed dual or designated representation authorized.
A. A licensee may act as a dual representative only with the written consentof all clients to the transaction. Such written consent and disclosure of thebrokerage relationship as required by this article shall be presumed to havebeen given as against any client who signs a disclosure as provided in thissection.
B. Such disclosure may be given in combination with other disclosures orprovided 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 DUAL REPRESENTATION
The undersigned do hereby acknowledge disclosure that:
The licensee .................................................
(Name of Broker, Firm or Salesperson as applicable)
represents more than one party in this real estate transaction as indicated
below:
........ Seller(s) and Buyer(s)
........ Landlord(s) and Tenant(s).
The undersigned understands that the foregoing dual representative may not
disclose to either client or such client's designated representative any
information that has been given to the dual representative by the other client
within the confidence and trust of the brokerage relationship except for that
information which is otherwise required or permitted by Article 3 (§
54.1-2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia to be
disclosed. The undersigned by signing this notice do hereby acknowledge their
informed consent to the disclosed dual representation by the licensee.
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (Other Party)
.................... ....................
Date Name (Other Party)
C. No cause of action shall arise against a dual representative for makingdisclosures of brokerage relationships as provided by this article. A dualrepresentative does not terminate any brokerage relationship by the making ofany such allowed or required disclosures of dual representation.
D. In any real estate transaction, a licensee may withdraw, withoutliability, from representing a client who refuses to consent to a discloseddual representation thereby terminating the brokerage relationship with suchclient. Such withdrawal shall not prejudice the ability of the licensee tocontinue to represent the other client in the transaction nor to limit thelicensee from representing the client who refused the dual representation inother transactions not involving dual representation.
E. A principal or supervising broker may assign different licenseesaffiliated with the broker as designated representatives to representdifferent clients in the same transaction to the exclusion of all otherlicensees in the firm. Use of such designated representatives shall notconstitute dual representation if a designated representative is notrepresenting more than one client in a particular real estate transaction;however, the principal or broker who is supervising the transaction shall beconsidered a dual representative as provided in this article. Designatedrepresentatives may not disclose, except to the affiliated licensee's broker,personal or financial information received from the clients during thebrokerage relationship and any other information that the client requestsduring the brokerage relationship be kept confidential, unless otherwiseprovided for by law or the client consents in writing to the release of suchinformation.
F. Use of designated representatives in a real estate transaction shall bedisclosed in accordance with the provisions of this article. Such disclosuremay be given in combination with other disclosures or provided with otherinformation, but if so, the disclosure must be conspicuous, printed in boldlettering, all capitals, underlined, or within a separate box. Any disclosurewhich complies substantially in effect with the following shall be deemed incompliance with such disclosure requirement:
DISCLOSURE OF THE USE OF DESIGNATED REPRESENTATIVES
The undersigned do hereby acknowledge disclosure that:
The licensee .............................................................
(Name of Broker and Firm)
represents more than one party in this real estate transaction as indicated
below:
........ Seller(s) and Buyer(s)
........ Landlord(s) and Tenant(s).
The undersigned understands that the foregoing dual representative may not
disclose to either client or such client's designated representative any
information that has been given to the dual representative by the other client
within the confidence and trust of the brokerage relationship except for that
information which is otherwise required or permitted by Article 3 (§
54.1-2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia to be
disclosed. The undersigned by signing this notice do hereby acknowledge their
informed consent to the disclosed dual representation by the licensee.
The principal or supervising broker has assigned
.................... to act as Designated Representative
(Licensee/Sales Associate)
for the one party as indicated below:
.......... Seller(s) or .......... Buyer(s)
.......... Landlord(s) or ..........
Tenant(s).
and
.................... to act as Designated Representative
(Licensee/Sales Associate)
for the other party as indicated below:
.......... Seller(s) or .......... Buyer(s)
.......... Landlord(s) or ..........
Tenant(s)
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (Other Party)
.................... ....................
Date Name (Other Party)
(1995, cc. 741, 813.)