2006 Code of Virginia § 54.1-2137 - Commencement and termination of brokerage relationships

54.1-2137. Commencement and termination of brokerage relationships.

A. The brokerage relationships set forth in this article shall commence atthe time that a client engages a licensee and shall continue until (i)completion of performance in accordance with the brokerage relationship or(ii) the earlier of (a) any date of expiration agreed upon by the parties aspart of the brokerage relationship or in any amendments thereto, (b) anymutually agreed upon termination of the relationship, (c) a default by anyparty under the terms of the brokerage relationship, or (d) a termination asset forth in subsection D of 54.1-2139.

B. Brokerage relationships shall have a definite termination date; however,if a brokerage relationship does not specify a definite termination date, thebrokerage relationship shall terminate ninety days after the date thebrokerage relationship was entered into.

C. Except as otherwise agreed to in writing, a licensee owes no furtherduties to a client after termination, expiration, or completion ofperformance of the brokerage relationship, except to (i) account for allmoneys and property relating to the brokerage relationship and (ii) keepconfidential all personal and financial information received from the clientduring the course of the brokerage relationship and any other informationthat the client requests during the brokerage relationship be maintainedconfidential, unless otherwise provided by law or the client consents inwriting to the release of such information.

(1995, cc. 741, 813.)