§ 54.1-2139. Disclosed dual or designated representation authorized
A. A licensee may act as a dual representative only with the written consent of all clients to the transaction. Such written consent and disclosure of the brokerage relationship as required by this article shall be presumed to have been given as against any client who signs a disclosure as provided in this section.
B. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box. Any disclosure which complies substantially in effect with the following shall be deemed in compliance with this disclosure requirement:
DISCLOSURE OF DUAL REPRESENTATION
The undersigned do hereby acknowledge disclosure that:
The licensee .........................................................
(Name of Broker, Firm or Salesperson as applicable)
represents more than one party in this real estate transaction as indicated
below:
........ Seller(s) and Buyer(s)
........ Landlord(s) and Tenant(s).
The undersigned understands that the foregoing dual representative may not
disclose to either client or such client's designated representative any
information that has been given to the dual representative by the other client
within the confidence and trust of the brokerage relationship except for that
information which is otherwise required or permitted by Article 3 (§
54.1-2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia to be
disclosed. The undersigned by signing this notice do hereby acknowledge their
informed consent to the disclosed dual representation by the licensee.
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (Other Party)
.................... ....................
Date Name (Other Party)
C. No cause of action shall arise against a dual representative for making disclosures of brokerage relationships as provided by this article. A dual representative does not terminate any brokerage relationship by the making of any such allowed or required disclosures of dual representation.
D. In any real estate transaction, a licensee may withdraw, without liability, from representing a client who refuses to consent to a disclosed dual representation thereby terminating the brokerage relationship with such client. Such withdrawal shall not prejudice the ability of the licensee to continue to represent the other client in the transaction nor to limit the licensee from representing the client who refused the dual representation in other transactions not involving dual representation.
E. A principal or supervising broker may assign different licensees affiliated with the broker as designated representatives to represent different clients in the same transaction to the exclusion of all other licensees in the firm. Use of such designated representatives shall not constitute dual representation if a designated representative is not representing more than one client in a particular real estate transaction; however, the principal or broker who is supervising the transaction shall be considered a dual representative as provided in this article. Designated representatives may not disclose, except to the affiliated licensee's broker, personal or financial information received from the clients during the brokerage relationship and any other information that the client requests during the brokerage relationship be kept confidential, unless otherwise provided for by law or the client consents in writing to the release of such information.
F. Use of designated representatives in a real estate transaction shall be disclosed in accordance with the provisions of this article. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box. Any disclosure which complies substantially in effect with the following shall be deemed in compliance with such disclosure requirement:
DISCLOSURE OF THE USE OF DESIGNATED REPRESENTATIVES
The undersigned do hereby acknowledge disclosure that:
The licensee .............................................
(Name of Broker and Firm)
represents more than one party in this real estate transaction as indicated
below:
........ Seller(s) and Buyer(s)
........ Landlord(s) and Tenant(s).
The undersigned understands that the foregoing dual representative may not
disclose to either client or such client's designated representative any
information that has been given to the dual representative by the other client
within the confidence and trust of the brokerage relationship except for that
information which is otherwise required or permitted by Article 3 (§
54.1-2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia to be
disclosed. The undersigned by signing this notice do hereby acknowledge their
informed consent to the disclosed dual representation by the licensee.
The principal or supervising broker has assigned
.................... to act as Designated Representative
(Licensee/Sales Associate)
for the one party as indicated below:
.......... Seller(s) or .......... Buyer(s)
.......... Landlord(s) or .......... Tenant(s).
and
.................... to act as Designated Representative
(Licensee/Sales Associate)
for the other party as indicated below:
.......... Seller(s) or .......... Buyer(s)
.......... Landlord(s) or ..........Tenant(s)
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (One Party)
.................... ....................
Date Name (Other Party)
.................... ....................
Date Name (Other Party)
(1995, cc. 741, 813.)
Sections: Previous 54.1-2132 54.1-2133 54.1-2134 54.1-2135 54.1-2136 54.1-2137 54.1-2138 54.1-2138.1 54.1-2139 54.1-2140 54.1-2141 54.1-2142 54.1-2143 54.1-2144 54.1-2145 NextLast modified: April 16, 2009