{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2135.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2135.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2135.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2135.html"}],"law_id":58678,"edition_id":1,"section_id":58678,"structure_id":14179,"section_number":"54.1-2135","catch_line":"Licensees engaged to manage real estate","history":"1995, cc. 741, 813; 2011, cc. 34, 46, 461; 2016, c. 334.","full_text":"A\n\nA licensee engaged to manage real estate shall:1\n\nPerform in accordance with the terms of the property management agreement;2\n\nExercise ordinary care;3\n\nDisclose in a timely manner to the owner material facts of which the licensee has actual knowledge concerning the property;4\n\nMaintain confidentiality of all personal and financial information received from the client during 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 owner consents in writing to the release of such information;5\n\nAccount for, in a timely manner, all money and property received in which the owner has or may have an interest; and6\n\nComply with all requirements of this article, fair housing statutes and regulations for residential real estate transactions as applicable, and all other applicable statutes and regulations which are not in conflict with this article.B\n\nExcept as provided in the property management agreement, a licensee engaged to manage real estate does not breach any duty or obligation to the owner by representing other owners in the management of other properties.C\n\nA licensee may also represent the owner as seller or landlord if they enter into a brokerage relationship that so provides; in which case, the licensee shall disclose such brokerage relationships pursuant to the provisions of this article.D\n\nIf a licensee has actual knowledge of the existence of defective drywall in a residential property, the licensee shall disclose the same to the owner. For purposes of this section, “defective drywall” means all defective drywall as defined in § 36-156.1.E\n\nProperty management agreements in residential real estate transactions shall be in writing and shall:1\n\nHave a definite termination date or duration; however, if a property management agreement does not specify a definite termination date or duration, the agreement shall terminate 90 days after the date of the agreement;2\n\nState the amount of the management fees and how and when such fees are to be paid;3\n\nState the services to be rendered by the licensee; and4\n\nInclude such other terms as have been agreed to by the owner and the property manager.F\n\nThe provisions of this section shall not apply to licensees engaged in commercial real estate transactions.","order_by":null,"text":{"0":{"id":215031,"text":"A licensee engaged to manage real estate shall:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":215032,"text":"Perform in accordance with the terms of the property management agreement;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":215033,"text":"Exercise ordinary care;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":215034,"text":"Disclose in a timely manner to the owner material facts of which the licensee has actual knowledge concerning the property;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":215035,"text":"Maintain confidentiality of all personal and financial information received from the client during 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 owner consents in writing to the release of such information;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":215036,"text":"Account for, in a timely manner, all money and property received in which the owner has or may have an interest; and","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":215037,"text":"Comply with all requirements of this article, fair housing statutes and regulations for residential real estate transactions as applicable, and all other applicable statutes and regulations which are not in conflict with this article.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":215038,"text":"Except as provided in the property management agreement, a licensee engaged to manage real estate does not breach any duty or obligation to the owner by representing other owners in the management of other properties.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":215039,"text":"A licensee may also represent the owner as seller or landlord if they enter into a brokerage relationship that so provides; in which case, the licensee shall disclose such brokerage relationships pursuant to the provisions of this article.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"9":{"id":215040,"text":"If a licensee has actual knowledge of the existence of defective drywall in a residential property, the licensee shall disclose the same to the owner. For purposes of this section, “defective drywall” means all defective drywall as defined in § 36-156.1.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"10":{"id":215041,"text":"Property management agreements in residential real estate transactions shall be in writing and shall:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"11":{"id":215042,"text":"Have a definite termination date or duration; however, if a property management agreement does not specify a definite termination date or duration, the agreement shall terminate 90 days after the date of the agreement;","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"12":{"id":215043,"text":"State the amount of the management fees and how and when such fees are to be paid;","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1","next_prefix":"E3"},"13":{"id":215044,"text":"State the services to be rendered by the licensee; and","type":"section","prefixes":["E","3"],"prefix":"3","entire_prefix":"E3","prefix_anchor":"E3","level":2,"prior_prefix":"E2","next_prefix":"E4"},"14":{"id":215045,"text":"Include such other terms as have been agreed to by the owner and the property manager.","type":"section","prefixes":["E","4"],"prefix":"4","entire_prefix":"E4","prefix_anchor":"E4","level":2,"prior_prefix":"E3","next_prefix":"F"},"15":{"id":215046,"text":"The provisions of this section shall not apply to licensees engaged in commercial real estate transactions.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E4"}},"ancestry":[{"id":14179,"edition_id":1,"name":"Duties of Real Estate Brokers and Salespersons","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":12756,"metadata":{},"date_created":"2026-06-26 03:47:09","date_modified":"2026-06-26 03:47:09","permalink":{"id":240053,"object_type":"structure","relational_id":14179,"identifier":"3","token":"54.1\/II\/21\/3","url":"\/54.1\/II\/21\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12756,"edition_id":1,"name":"Real Estate Brokers, Sales Persons and Rental Location Agents","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239911,"object_type":"structure","relational_id":12756,"identifier":"21","token":"54.1\/II\/21","url":"\/54.1\/II\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55353,"structure_id":14179,"section_number":"54.1-2130","catch_line":"Definitions","url":"\/54.1-2130\/","token":"54.1\/II\/21\/3\/54.1-2130","metadata":false},{"id":80572,"structure_id":14179,"section_number":"54.1-2131","catch_line":"Licensees engaged by sellers","url":"\/54.1-2131\/","token":"54.1\/II\/21\/3\/54.1-2131","metadata":false},{"id":73912,"structure_id":14179,"section_number":"54.1-2132","catch_line":"Licensees engaged by buyers","url":"\/54.1-2132\/","token":"54.1\/II\/21\/3\/54.1-2132","metadata":false},{"id":85765,"structure_id":14179,"section_number":"54.1-2133","catch_line":"Licensees engaged by landlords to lease property","url":"\/54.1-2133\/","token":"54.1\/II\/21\/3\/54.1-2133","metadata":false},{"id":62657,"structure_id":14179,"section_number":"54.1-2134","catch_line":"Licensees engaged by tenants","url":"\/54.1-2134\/","token":"54.1\/II\/21\/3\/54.1-2134","metadata":false},{"id":58678,"structure_id":14179,"section_number":"54.1-2135","catch_line":"Licensees engaged to manage real estate","url":"\/54.1-2135\/","token":"54.1\/II\/21\/3\/54.1-2135","metadata":false},{"id":68223,"structure_id":14179,"section_number":"54.1-2136","catch_line":"Preconditions to brokerage relationship","url":"\/54.1-2136\/","token":"54.1\/II\/21\/3\/54.1-2136","metadata":false},{"id":71178,"structure_id":14179,"section_number":"54.1-2137","catch_line":"Commencement and termination of brokerage relationships; brokerage agreements required","url":"\/54.1-2137\/","token":"54.1\/II\/21\/3\/54.1-2137","metadata":false},{"id":55998,"structure_id":14179,"section_number":"54.1-2138","catch_line":"Disclosure of brokerage relationship in residential real estate transactions","url":"\/54.1-2138\/","token":"54.1\/II\/21\/3\/54.1-2138","metadata":false},{"id":81882,"structure_id":14179,"section_number":"54.1-2138.1","catch_line":"Limited service agent in a residential real estate transaction, contract disclosure required","url":"\/54.1-2138.1\/","token":"54.1\/II\/21\/3\/54.1-2138.1","metadata":false},{"id":77987,"structure_id":14179,"section_number":"54.1-2138.2","catch_line":"Duty to disclose ownership interest in specific real property","url":"\/54.1-2138.2\/","token":"54.1\/II\/21\/3\/54.1-2138.2","metadata":false},{"id":85995,"structure_id":14179,"section_number":"54.1-2139","catch_line":"Disclosed dual agency and dual representation authorized in a residential real estate transaction","url":"\/54.1-2139\/","token":"54.1\/II\/21\/3\/54.1-2139","metadata":false},{"id":82081,"structure_id":14179,"section_number":"54.1-2139.01","catch_line":"Disclosed dual agency and dual representation in commercial real estate transactions authorized","url":"\/54.1-2139.01\/","token":"54.1\/II\/21\/3\/54.1-2139.01","metadata":false},{"id":58353,"structure_id":14179,"section_number":"54.1-2139.1","catch_line":"Designated standard agency or designated representation authorized in a residential real estate transaction","url":"\/54.1-2139.1\/","token":"54.1\/II\/21\/3\/54.1-2139.1","metadata":false},{"id":76531,"structure_id":14179,"section_number":"54.1-2139.2","catch_line":"Repealed","url":"\/54.1-2139.2\/","token":"54.1\/II\/21\/3\/54.1-2139.2","metadata":false},{"id":82130,"structure_id":14179,"section_number":"54.1-2140","catch_line":"Compensation shall not imply brokerage relationship","url":"\/54.1-2140\/","token":"54.1\/II\/21\/3\/54.1-2140","metadata":false},{"id":85462,"structure_id":14179,"section_number":"54.1-2141","catch_line":"Brokerage relationship not created by using common source information company","url":"\/54.1-2141\/","token":"54.1\/II\/21\/3\/54.1-2141","metadata":false},{"id":62698,"structure_id":14179,"section_number":"54.1-2142","catch_line":"Liability; knowledge not to be imputed","url":"\/54.1-2142\/","token":"54.1\/II\/21\/3\/54.1-2142","metadata":false},{"id":66918,"structure_id":14179,"section_number":"54.1-2142.1","catch_line":"Liability for false information","url":"\/54.1-2142.1\/","token":"54.1\/II\/21\/3\/54.1-2142.1","metadata":false},{"id":67759,"structure_id":14179,"section_number":"54.1-2143","catch_line":"Real estate board regulations to be consistent","url":"\/54.1-2143\/","token":"54.1\/II\/21\/3\/54.1-2143","metadata":false},{"id":59352,"structure_id":14179,"section_number":"54.1-2144","catch_line":"Common law abrogated","url":"\/54.1-2144\/","token":"54.1\/II\/21\/3\/54.1-2144","metadata":false},{"id":81375,"structure_id":14179,"section_number":"54.1-2145","catch_line":"Article does not limit antitrust laws","url":"\/54.1-2145\/","token":"54.1\/II\/21\/3\/54.1-2145","metadata":false},{"id":69415,"structure_id":14179,"section_number":"54.1-2146","catch_line":"Licensee maintenance of records","url":"\/54.1-2146\/","token":"54.1\/II\/21\/3\/54.1-2146","metadata":false}],"previous_section":{"id":62657,"structure_id":14179,"section_number":"54.1-2134","catch_line":"Licensees engaged by tenants","url":"\/54.1-2134\/","token":"54.1\/II\/21\/3\/54.1-2134","metadata":false},"next_section":{"id":68223,"structure_id":14179,"section_number":"54.1-2136","catch_line":"Preconditions to brokerage relationship","url":"\/54.1-2136\/","token":"54.1\/II\/21\/3\/54.1-2136","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2135\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapters 741<\/a> and 813<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2011, chapters 34<\/a>, 46<\/a>, and 461<\/a>; in 2016, chapter 334<\/a>.<\/p>","references":[{"id":55353,"section_number":"54.1-2130","catch_line":"Definitions","order_by":null,"url":"\/54.1-2130\/"},{"id":61504,"section_number":"55.1-1213","catch_line":"Transfer of deposits upon purchase","order_by":null,"url":"\/55.1-1213\/"},{"id":65155,"section_number":"55.1-1317","catch_line":"Transfer of deposits upon purchase","order_by":null,"url":"\/55.1-1317\/"},{"id":76834,"section_number":"55.1-1405","catch_line":"Transfer of deposits upon purchase","order_by":null,"url":"\/55.1-1405\/"}],"refers_to":false,"permalink":{"id":240075,"object_type":"law","relational_id":58678,"identifier":"54.1-2135","token":"54.1\/II\/21\/3\/54.1-2135","url":"\/54.1-2135\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2135\/","token":"54.1\/II\/21\/3\/54.1-2135","dublin_core":{"Title":"Licensees engaged to manage real estate","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2135","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A licensee<\/span> engaged to manage real estate shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Perform in accordance with the terms of the property management agreement<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Exercise ordinary care; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Disclose in a timely manner to the owner material<\/span> facts<\/span> of which the licensee<\/span> has actual knowledge concerning the property; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Maintain confidentiality of all personal and financial information received from the client<\/span> during the brokerage relationship<\/span> and any other information that the client<\/span> requests during the brokerage relationship<\/span> be maintained confidential unless otherwise provided by law<\/span> or the owner consents in writing to the release of such information; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Account for, in a timely manner, all money and property received in which the owner has or may have an interest; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Comply with all requirements of this article, fair housing statutes<\/span> and regulations for residential real estate<\/span> transactions as applicable, and all other applicable statutes<\/span> and regulations which are not in conflict with this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except as provided in the property management agreement<\/span>, a licensee<\/span> engaged to manage real estate does not breach any duty or obligation to the owner by representing other owners in the management of other properties. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A licensee<\/span> may also represent the owner as seller or landlord if they enter into a brokerage relationship<\/span> that so provides; in which case, the licensee<\/span> shall disclose such brokerage relationships<\/span> pursuant to the provisions of this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If a licensee<\/span> has actual knowledge of the existence of defective drywall<\/span> in a residential property, the licensee<\/span> shall disclose the same to the owner. For purposes of this section, “defective drywall<\/span>” means all defective drywall<\/span> as defined in § 36-156.1<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Property management agreements<\/span> in residential real estate<\/span> transactions shall be in writing and shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Have a definite termination date or duration; however, if a property management agreement<\/span> does not specify a definite termination date or duration, the agreement shall terminate 90 days after the date of the agreement; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> State the amount of the management fees and how and when such fees are to be paid; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> State the services to be rendered by the licensee<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Include such other terms as have been agreed to by the owner and the property manager. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The provisions of this section shall not apply to licensees<\/span> engaged in commercial real estate<\/span> transactions. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLICENSEES ENGAGED TO MANAGE REAL ESTATE (\u00a7 54.1-2135)\n\nA. A licensee engaged to manage real estate shall:\n\n 1. Perform in accordance with the terms of the property management agreement;\n\n 2. Exercise ordinary care;\n\n 3. Disclose in a timely manner to the owner material facts of which the\n licensee has actual knowledge concerning the property;\n\n 4. Maintain confidentiality of all personal and financial information received\n from the client during the brokerage relationship and any other information\n that the client requests during the brokerage relationship be maintained\n confidential unless otherwise provided by law or the owner consents in writing\n to the release of such information;\n\n 5. Account for, in a timely manner, all money and property received in which\n the owner has or may have an interest; and\n\n 6. Comply with all requirements of this article, fair housing statutes and\n regulations for residential real estate transactions as applicable, and all\n other applicable statutes and regulations which are not in conflict with this\n article.\n\nB. Except as provided in the property management agreement, a licensee engaged\nto manage real estate does not breach any duty or obligation to the owner by\nrepresenting other owners in the management of other properties.\n\nC. A licensee may also represent the owner as seller or landlord if they enter\ninto a brokerage relationship that so provides; in which case, the licensee\nshall disclose such brokerage relationships pursuant to the provisions of this\narticle.\n\nD. If a licensee has actual knowledge of the existence of defective drywall in a\nresidential property, the licensee shall disclose the same to the owner. For\npurposes of this section, “defective drywall” means all defective\ndrywall as defined in § 36-156.1.\n\nE. Property management agreements in residential real estate transactions shall\nbe in writing and shall:\n\n 1. Have a definite termination date or duration; however, if a property\n management agreement does not specify a definite termination date or duration,\n the agreement shall terminate 90 days after the date of the agreement;\n\n 2. State the amount of the management fees and how and when such fees are to\n be paid;\n\n 3. State the services to be rendered by the licensee; and\n\n 4. Include such other terms as have been agreed to by the owner and the\n property manager.\n\nF. The provisions of this section shall not apply to licensees engaged in\ncommercial real estate transactions.\n\nHISTORY: 1995, cc. 741, 813; 2011, cc. 34, 46, 461; 2016, c. 334.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}