CODE OF VIRGINIA

LIMITED SERVICE AGENT IN A RESIDENTIAL REAL ESTATE TRANSACTION, CONTRACT
DISCLOSURE REQUIRED (§ 54.1-2138.1)

A. A licensee may act as a limited service agent in a residential real estate
transaction only pursuant to a written brokerage agreement in which the limited
service agent (i) discloses that the licensee is acting as a limited service
agent; (ii) provides a list of the specific services that the licensee will
provide to the client; and (iii) provides a list of the specific duties of a
standard agent set out in subdivision A 2 of § 54.1-2131, subdivision A 2 of §
54.1-2132, subdivision A 2 of § 54.1-2133, or subdivision A 2 of § 54.1-2134,
as applicable, that the limited service agent will not provide to the client.
Such disclosure shall be conspicuous and printed either in bold lettering or all
capitals, and shall be underlined or in a separate box. In addition, a
disclosure that contains language that complies substantially in effect with the
following shall be deemed in compliance with this disclosure
requirement:”By entering into this brokerage agreement, the undersigned do
hereby acknowledge their informed consent to the limited service agent in a
residential real estate transaction by the licensee and do further acknowledge
that neither the other party to the transaction nor any real estate licensee
representing the other party is under any legal obligation to assist the
undersigned with the performance of any duties and responsibilities of the
undersigned not performed by the limited service agent.”A limited service
agent shall disclose dual agency in accordance with § 54.1-2139.

B. A licensee engaged by one client to a residential real estate transaction and
dealing with an unrepresented party or with a party represented by a limited
service agent and who, without additional compensation, provides such other
party information relative to the transaction or undertakes to assist such other
party in securing a contract or with such party’s obligations thereunder,
shall not incur liability for such actions except in the case of gross
negligence or willful misconduct. A licensee does not create a brokerage
relationship by providing such assistance or information to the other party to
the transaction. A licensee dealing with a client of a limited service agent may
enter into an agreement with that party for payment of a fee for services
performed or information provided by that licensee. Such payment shall not
create a brokerage relationship; however, the licensee providing such services
or information for a fee shall be held to the ordinary standard of care in the
provision of such services or information.

HISTORY: 2006, c. 627; 2012, c. 750; 2016, c. 334.