In the early 1990s, VAR was instrumental in passing an overhaul of Virginia’s real estate agency law and regulation. In light of changing business practices since that time, VAR leadership has been asked to consider recommendations for possible updates to Virginia’s license law during the 2011 General Assembly Session. There are three general recommendations under consideration:
- Requiring that all brokerage relationships be in writing
- Requiring disclosure explaining clearly what specific services the licensee and can and cannot provide parties in disclosed dual agency situations
- Eliminating the current seller disclosure (disclaimer) form and replace it with a general disclosure directing buyers to a DPOR-maintained website listing all disclosures
These recommendations are outlined in much more detail in a report prepared by VAR volunteers, which will be discussed in a town hall meeting at the REal Show, VAR’s Convention & Expo. This may be your only opportunity to provide feedback on the recommendations before VAR leadership makes a decision in early October on whether or not to move forward with the recommendations. VAR leadership hasn’t determined whether or not to recommend pursuing these potential changes to Virginia’s license law: Your feedback will help them decide.
If you want to be a part of these important discussions about the future of Virginia’s agency laws, please plan to attend the Agency and Professionalism Town Hall Forum: Saturday, October 2, 2010 at 8 a.m. in the Virginia Beach Convention Center.