77416954.1-2135Virginia Decodedhttps://vacode.org2016Professions And OccupationsProfessions And Occupations Regulated By The Department Of Professional And Occupational Regulation And Boards Within The DepartmentReal Estate Brokers, Sales Persons And Rental Location AgentsDuties Of Real Estate Brokers And SalespersonsLicensees engaged to manage real estate1995, cc. 741, 813; 2011, cc. 34, 46, 461; 2016, c. 334.http://law.lis.virginia.gov/vacode/54.1-2135/36-156.1Definitions/36-156.1//54.1-2135/54.1/II/21/3/54.1-213554.1-2130A licensee engaged to manage real estate shall:sectionAA1 Perform in accordance with the terms of the property management agreement;sectionA1A12 Exercise ordinary care;sectionA2A22 Disclose in a timely manner to the owner material facts of which the licensee has actual knowledge concerning the property;sectionA3A32 Maintain confidentiality of all personal and financial information received from the client during 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 owner consents in writing to the release of such information;sectionA4A42 Account for, in a timely manner, all money and property received in which the owner has or may have an interest; andsectionA5A52 Comply with all requirements of this article, fair housing statutes and regulations for residential real estate transactions as applicable, and all other applicable statutes and regulations which are not in conflict with this article.sectionA6A62Except as provided in the property management agreement, a licensee engaged to manage real estate does not breach any duty or obligation to the owner by representing other owners in the management of other properties.sectionBB1A licensee may also represent the owner as seller or landlord if they enter into a brokerage relationship that so provides; in which case, the licensee shall disclose such brokerage relationships pursuant to the provisions of this article.sectionCC1Property management agreements in residential real estate transactions shall be in writing and shall:sectionEE1 Have a definite termination date or duration; however, if a property management agreement does not specify a definite termination date or duration, the agreement shall terminate 90 days after the date of the agreement;sectionE1E12 State the amount of the management fees and how and when such fees are to be paid;sectionE2E22 State the services to be rendered by the licensee; andsectionE3E32 Include such other terms as have been agreed to by the owner and the property manager.sectionE4E42The provisions of this section shall not apply to licensees engaged in commercial real estate transactions.sectionFF1