2006 Code of Virginia § 54.1-2132 - (Effective until July 1, 2007) Licensees engaged by buyers

54.1-2132. (Effective until July 1, 2007) Licensees engaged by buyers.

A. A licensee engaged by a buyer shall:

1. Perform in accordance with the terms of the brokerage relationship;

2. Promote the interests of the buyer by:

a. Seeking a property at a price and with terms acceptable to the buyer;however, the licensee shall not be obligated to seek other properties for thebuyer while the buyer is a party to a contract to purchase property unlessagreed to as part of the brokerage relationship;

b. Presenting in a timely manner all written offers or counteroffers to andfrom the buyer, even when the buyer is already a party to a contract topurchase property;

c. Disclosing to the buyer material facts related to the property orconcerning the transaction of which the licensee has actual knowledge; and

d. Accounting for in a timely manner all money and property received in whichthe buyer has or may have an interest;

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 buyerconsents in writing to the release of such information;

4. Exercise ordinary care; and

5. 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 sellers honestly and shall notknowingly give them false information. No cause of action shall arise againstany licensee for revealing information as required by this article orapplicable law. In the case of a residential transaction, a licensee engagedby a buyer shall disclose to a seller the buyer's intent to occupy theproperty as a principal residence.

C. A licensee engaged by a buyer in a real estate transaction may, unlessprohibited by law or the brokerage relationship, provide assistance to theseller, or prospective seller, by performing ministerial acts. Performingsuch ministerial acts that are not inconsistent with subsection A shall notbe construed to violate the licensee's brokerage relationship with the buyerunless expressly prohibited by the terms of the brokerage relationship, norshall performing such ministerial acts be construed to form a brokeragerelationship with such seller.

D. A licensee engaged by a buyer does not breach any duty or obligation tothe buyer by showing properties in which the buyer is interested to otherprospective buyers, whether as clients or customers, by representing otherbuyers looking at the same or other properties, or by representing sellersrelative to other properties.

E. Licensees shall disclose brokerage relationships pursuant to theprovisions of this article.

(1995, cc. 741, 813.)

54.1-2132. (Effective July 1, 2007) Licensees engaged by buyers.

A. A licensee engaged by a buyer shall:

1. Perform in accordance with the terms of the brokerage relationship;

2. Promote the interests of the buyer by:

a. Seeking a property of a type acceptable to the buyer and at a price and onterms acceptable to the buyer; however, the licensee shall not be obligatedto seek other properties for the buyer while the buyer is a party to acontract to purchase property unless agreed to as part of the brokeragerelationship;

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 buyer's objectives;

c. Receiving and presenting in a timely manner all written offers orcounteroffers to and from the buyer and seller, even when the buyer isalready a party to a contract to purchase property; and

d. Providing reasonable assistance to the buyer to satisfy the buyer'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 buyerconsents 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 buyer has or may have an interest;

6. Disclose to the buyer material facts related to the property or concerningthe 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 sellers honestly and shall notknowingly give them false information. No cause of action shall arise againstany licensee for revealing information as required by this article orapplicable law. In the case of a residential transaction, a licensee engagedby a buyer shall disclose to a seller whether or not the buyer intends tooccupy the property as a principal residence. The buyer's expressions of suchintent in the contract of sale shall satisfy this requirement and no cause ofaction shall arise against any licensee for the disclosure or any inaccuracyin such disclosure, or the nondisclosure of the buyer in this regard.

C. A licensee engaged by a buyer in a real estate transaction may, unlessprohibited by law or the brokerage relationship, provide assistance to theseller, or prospective seller, by performing ministerial acts. Performingsuch ministerial acts that are not inconsistent with subsection A shall notbe construed to violate the licensee's brokerage relationship with the buyerunless expressly prohibited by the terms of the brokerage relationship, norshall performing such ministerial acts be construed to form a brokeragerelationship with such seller.

D. A licensee engaged by a buyer does not breach any duty or obligation tothe buyer by showing properties in which the buyer is interested to otherprospective buyers, whether as clients or customers, by representing otherbuyers looking at the same or other properties, or by representing sellersrelative to other properties.

E. Licensees shall disclose brokerage relationships pursuant to theprovisions of this article.

(1995, cc. 741, 813; 2006, c. 627.)