                                 CODE OF VIRGINIA

LICENSEES ENGAGED BY BUYERS (§ 54.1-2132)

A. A licensee engaged by a buyer shall:

   1. Enter into a brokerage agreement with the prospective buyer prior to
   showing property to such prospective buyer;

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

   3. Promote the interests of the buyer by:
   				a. Seeking a property of a type acceptable to the buyer and at a price and
   on terms acceptable to the buyer; however, the licensee shall not be obligated
   to seek or show other properties for the buyer while the buyer is a party to a
   contract to purchase property unless agreed to as part of the brokerage
   relationship;
   				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 buyer&#8217;s
   objectives;
   				c. Receiving and presenting in a timely manner all written offers or
   counteroffers to and from the buyer and seller, even when the buyer is already
   a party to a contract to purchase property; and
   				d. Providing reasonable assistance to the buyer to satisfy the
   buyer&#8217;s contract obligations and to facilitate settlement of the
   purchase contract;

   4. 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 buyer consents in writing
   to the release of such information;

   5. Exercise ordinary care;

   6. Account in a timely manner for all money and property received by the
   licensee in which the buyer has or may have an interest;

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

   8. 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 sellers honestly and shall not
knowingly give them false information. If a licensee has actual knowledge of the
existence of defective drywall in a residential property, the licensee shall
disclose the same to the buyer. For purposes of this section, &#8220;defective
drywall&#8221; means all defective drywall as defined in &#xA7; 36-156.1. No
cause of action shall arise against any licensee for revealing information as
required by this article or applicable law. In the case of a residential
transaction, a licensee engaged by a buyer shall disclose to a seller whether or
not the buyer intends to occupy the property as a principal residence. The
buyer&#8217;s expressions of such intent in the contract of sale shall satisfy
this requirement and no cause of action shall arise against any licensee for the
disclosure or any inaccuracy in such disclosure, or the nondisclosure of the
buyer in this regard.

C. A licensee engaged by a buyer in a real estate transaction may, unless
prohibited by law or the brokerage agreement, provide assistance to the seller,
or prospective seller, 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 buyer
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 seller.

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

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.

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