The Virginia General Assembly approved legislation to enhance the agency relationship disclosure requirements between licensees and those they represent. This means there are a number of changes to the existing agency laws in Virginia, and DAAR wants to make sure that all members are up to speed on what they need to know to serve their clients and customers and stay in compliance with Virginia laws. These resources intend to provide information on the new required three-hour Residential Standard Agency course, helpful consumer handouts, required disclosure forms and related resources offered by the Virginia Association of REALTORS.
Brochure to Explain New Agency Law to Consumers
In an effort to provide a tool for REALTORS® to help explain the new agency law to clients, DAAR is pleased to offer the brochure Working with a REALTOR®…The Buyer Brokerage Agreement brochure. Click here to review.
This law took effect on July 1, 2012.
Agency Disclosure Forms
DAAR is offering bundles of the brochure in sets of 25 for $5.50 in our REALTOR® Store, 21720 Red Rum Drive, Ashburn, VA. Please call 703/777-2468 for more information.
The Virginia Association of REALTORS has created new disclosure forms to help you comply with changes to agency law. These new disclosure forms are concise and user-friendly and are the product of an effort to reduce the number of new agency disclosure forms. All of the major forms providers had input in their creation and you are likely to see similar disclosure forms throughout the state.
The forms are now available for download (just click the name of the form to start downloading the .PDF).
- Disclosure of Brokerage Relationship for Unrepresented Party(ies) (VAR Form 100);
- Disclosure of Dual Agency or Dual Representation in a Residential Real Estate Transaction (VAR Form 101);
- Disclosure of Dual Agency or Dual Representation in a Commercial Real Estate Transaction (VAR Form 102); and
- Disclosure of Designated Agency or Representation (VAR Form 103).
In addition to the required disclosure forms, VAR is also rolling out several additional forms to help you with your clients. Click below to view the samples of these forms, which will be available prior to July 1.
- Shortened Exclusive Right to Represent Buyer Agreement (VAR Form 450; 2 pages);
- Shortened Non-Exclusive Right to Represent Buyer Agreement (VAR Form 460; 2 pages);
- NEW short form: Non-Exclusive Right to Represent Buyer Agreement (VAR Form 465; 1 page); and
- NEW Independent Contractor Listing Agreement (Non-Agency) (VAR Form 420; 5 pages).