                                 CODE OF VIRGINIA

COMMENCEMENT AND TERMINATION OF BROKERAGE RELATIONSHIPS; BROKERAGE AGREEMENTS
REQUIRED (§ 54.1-2137)

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 &#xA7; 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.

C. Brokerage agreements shall be in writing and shall:

   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;

   3. State the services to be rendered by the licensee;

   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&#8217;s consent to a dual representation, the disclosures set out in
   subsection A of &#xA7; 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: 1995, cc. 741, 813; 2011, c. 461; 2012, c. 750; 2018, cc. 60, 86; 2025,
cc. 479, 495.