§ 54.1-2137 Commencement and termination of brokerage relationships; brokerage agreements required
A. The brokerage relationships set forth in this article shall commence at the time that a client engages a licensee to provide brokerage services and shall continue until (i) completion of performance in accordance with the brokerage agreement or (ii) the earlier of (a) any date of expiration agreed upon by the parties as part of the brokerage agreement or in any amendments thereto, (b) any mutually agreed upon termination of the brokerage agreement, (c) a default by any party under the terms of the brokerage agreement, or (d) a termination as set forth in subsection G of § 54.1-2139.
B. Except as otherwise provided in this article, a licensee shall enter into a brokerage agreement with a prospective client prior to providing brokerage services. A licensee shall not be required to enter into a brokerage agreement prior to preparing property-specific materials with the intent to obtain a brokerage relationship with a prospective client.
1. Have a definite termination date; however, if a brokerage agreement does not specify a definite termination date, the brokerage agreement shall terminate 90 days after the date of the brokerage agreement;
2. State the amount of the brokerage fees and how and when such fees are to be paid;
4. Include such other terms of the brokerage relationship as have been agreed to by the client and the licensee; and
5. In the case of brokerage agreements entered into in conjunction with the client’s consent to a dual representation, the disclosures set out in subsection A of § 54.1-2139.
D. Except as otherwise agreed to in writing, a licensee owes no further duties to a client after termination, expiration, or completion of performance of the brokerage agreement, except to (i) account for all moneys and property relating to the brokerage relationship and (ii) keep confidential all personal and financial information received from the client during the course of the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential, unless otherwise provided by law or the client consents in writing to the release of such information.
History
This law was first created in 1995. The record of its establishment is cataloged in chapters 741 and 813 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 4 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2011, chapter 461; in 2012, chapter 750; in 2018, chapters 60 and 86; in 2025, chapters 479 and 495.
1995, cc. 741, 813; 2011, c. 461; 2012, c. 750; 2018, cc. 60, 86; 2025, cc. 479, 495.