There has been much discussion to the new agency law that will take place on July 1, 2012.
This is from the Virginia Association of Realtors Web Page.
Why the change?
- Inform the consumer: The law is to make sure consumers are fully informed about the real estate services they’ll receive and the nature of the relationship with the licensee.
- Mitigate REALTOR® liability: The law is designed to protect licensees by making sure full disclosure is provided and the nature of brokerage relationship is reduced to writing. It’s to eliminate much of the consumer confusion that can come back and bite the licensee.
- Discourage opportunisitic dual agency: The law is intended to make sure that licensees who practice dual agency are fully informing consumers about the risky nature of that relationship.
The changes in law from the 2011 Session of the General Assembly will require agents to:
- Provide written agency and brokerage agreements to consumers; (Effective July 1, 2012); Please note: the only change to what is already required by Virginia law is that these agreements be in writing as opposed to verbally disclosed.
- Provide a list of services that the agent will provide to customers; (Effective July 1, 2012)
- Provide a schedule of fees that will be associated with service, and when payable; (Effective July 1, 2012)
- Provide enhanced disclosure of limitations on what a Dual Agent can and cannot do for parties to a transaction. There are exceptions for situations where existing clients come together in a common transaction, and for independent contractors. (Effective July 1, 2012)
- Take a 3‐hour course on the provisions of the Agency statute and the changes made in the legislation. (Course must have been completed for first license renewal after July 1, 2012.) You may exempt yourself from this only if you agree in writing that you will not practice residential standard agency during your license term.
Agents in Virginia must take a three-hour course on the provisions of the agency statute and the changes made in the legislation.
When should I take the course?
If your current license expires after July 1, 2012, you may take the 3 hour agency course at any time, beginning right now. In fact, if your license expires in July 2012, you will need the course very quickly. However, if your license expires in February through June of 2012, you should wait to take the course until after you have renewed your license and your next licensing cycle begins. You may take the course now, but you will need to take it again (for credit) in your next license cycle.
If you want the rest of the details, follow this link http://www.varealtor.com/Agency