                                 CODE OF VIRGINIA

LICENSEES ENGAGED BY SELLERS (§ 54.1-2131)

A. A licensee engaged by a seller shall:

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

   2. Promote the interests of the seller by:
   				a. Conducting marketing activities on behalf of the seller in accordance
   with the brokerage agreement. In so doing, the licensee shall seek a sale at
   the price and terms agreed upon in the brokerage agreement or at a price and
   terms acceptable to the seller; however, the licensee shall not be obligated
   to seek additional offers to purchase the property while the property is
   subject to a contract of sale, unless agreed to as part of the brokerage
   agreement or as the contract of sale so provides;
   				b. Assisting in the drafting and negotiating of offers and counteroffers,
   amendments, and addenda to the real estate contract pursuant to &#xA7;
   54.1-2101.1 and in establishing strategies for accomplishing the
   seller&#8217;s objectives;
   				c. Receiving and presenting in a timely manner written offers and
   counteroffers to and from the seller and purchasers, even when the property is
   already subject to a contract of sale; and
   				d. Providing reasonable assistance to the seller to satisfy the
   seller&#8217;s contract obligations and to facilitate settlement of the
   purchase contract;

   3. 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 seller consents 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 the
   licensee in which the seller has or may have an interest;

   6. Disclose to the seller material facts related to the property or concerning
   the transaction of which the licensee has actual knowledge; and

   7. Comply with all requirements of this article, all fair housing statutes and
   regulations for residential real estate transactions as applicable, and all
   other applicable statutes and regulations that are not in conflict with this
   article.

B. Licensees shall treat all prospective buyers honestly and shall not knowingly
give them false information. A licensee engaged by a seller shall disclose to
prospective buyers all material adverse facts pertaining to the physical
condition of the property that are actually known by the licensee. If a licensee
has actual knowledge of the existence of defective drywall in a residential
property, the licensee shall disclose the same to the prospective buyer. For
purposes of this section, &#8220;defective drywall&#8221; means all defective
drywall as defined in &#xA7; 36-156.1. As used in this section, the term
&#8220;physical condition of the property&#8221; refers to the physical
condition of the land and any improvements thereon, and does not refer to (i)
matters outside the boundaries of the land or relating to adjacent or other
properties in proximity thereto, (ii) matters relating to governmental land use
regulations, or (iii) matters relating to highways or public streets. Such
disclosure shall be made in writing. No cause of action shall arise against any
licensee for revealing information as required by this article or applicable
law. Nothing in this article shall limit in any way the provisions of the
Virginia Residential Property Disclosure Act (&#xA7; 55.1-700 et seq.)
applicable to residential real estate transactions.

C. A licensee engaged by a seller in a real estate transaction may, unless
prohibited by law or the brokerage agreement, provide assistance to a buyer or
potential buyer by performing ministerial acts. Performing such ministerial acts
that are not inconsistent with subsection A shall not be construed to violate
the licensee&#8217;s brokerage agreement with the seller unless expressly
prohibited by the terms of the brokerage agreement, nor shall performing such
ministerial acts be construed to form a brokerage relationship with such buyer
or potential buyer.

D. A licensee engaged by a seller does not breach any duty or obligation owed to
the seller by showing alternative properties to prospective buyers, whether as
clients or customers, or by representing other sellers who have other properties
for sale.

E. Licensees in residential real estate transactions shall disclose brokerage
relationships pursuant to the provisions of this article.

F. Nothing in this section shall be construed to require a licensee to disclose
whether settlement services under Chapter 10 (&#xA7; 55.1-1000 et seq.) of Title
55.1 will be provided by an attorney or a nonattorney settlement agent.

G. A licensee engaged by a seller shall not be required to enter into a
brokerage agreement with a prospective buyer to show property to the prospective
buyer when such showing is conducted pursuant to and in accordance with a
brokerage agreement entered into with a seller client.

HISTORY: 1995, cc. 741, 813; 2006, c. 627; 2008, c. 741; 2011, cc. 34, 46, 461;
2012, c. 750; 2016, c. 334; 2025, cc. 479, 495.