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For your information:
VIRGINIA ASSOCIATION OF REALTORS*
AGENCY DISCLOSURE
All parties to a real estate transaction—sellers, buyers, landlords or tenants—should understand the unique and v aluable role that real estate brokers and their salespersons play in the market ing of real estate. That role has been defined over the years by both law and custom. The following is intended to give you. in your capacity as an actual or prospective st-ller. buyer, landlord or tenant of real estate, a brief explanation of that role 1. Brokers and their salespersons may be employed to represent any party to a real estate transaction. Unless both parties give an informed consent, a broker or salesperson may not lawfully represent opposing parties in a transaction 2. The person a broker and its salespersons represent is custom arily referred to as the ‘client' or ‘principal’ and the other party to a transaction is referred to a the “customer". 3. Be custom, unless a buyer or tenant has an agreement with a broker that the broker and its salespersons will represent the buyer/tenant's interests, the broker and its salespersons will represent the seller or landlord, either as a listing broker or as a subagent of the listing broker 4. Brokers and their salespersons owe their clients duties of loy alty and faithfulness. At the same time, brokers and their salespersons are required to treat all parties to a transaction fairly. 5. If the broker and its salespersons represent a seller or land lord, the broker and its salesperson, without violating their du ties to their client, may provide customers with information about properties and available financing, may show prop erties to customers, and may assist a customer in preparing an offer to purchase or lease a particular property. 6. Brokers and their salespersons are required to respond accu rately to a customer's questions, to disclose to customers material information about a particular property, and to prompty submit to a seller or landlord all written offers to pur chase or lease a property, without unlawful discrimination. 7. This document is not a contract, but it does disclose a legal relationship in accordance with regulations of the Real Estate Board of Virginia. If you have questions after reading this material, you should discuss them with the broker or your counsel.
EILEENM. DAY, REALTORS
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