As you know, Virginia’s new agency law took effect July 1. In short, the new law requires that all brokerage relationships be expressed in writing and that in dual agency situations an enhanced disclosure of the limits of an agent’s duties be provided to both clients.
Back in July, we notified brokers of a Virginia Real Estate Board Work Group that was appointed to investigate the issue of written brokerage agreements and when they must be signed.
At its meeting September 6, the Virginia Real Estate Board approved the “Guidance Document on the Necessity of Brokerage Agreements” to clear up some confusion among licensees as to when a written brokerage agreement is required pursuant to the July 1, 2012 changes to the law. All licensees who have already attended the mandatory Residential Standard Agency course will receive notification about this document from their course providers, as mandated by the VREB. The document is posted on the VREB website as well as through VAR’s online Agency Center. All VAR members are urged to read the document thoroughly.
VAR’s attorneys are working collaboratively with the Richmond Association and Northern Virginia Association attorneys to develop a Q&A resource on the guidance document.
Shameless plug: if you haven’t taken the mandatory RSA course yet, you have two chances to do so (PLUS two chances to take great Buyer Agreement classes) at the 2012 Real Show. Registration is O-P-E-N!