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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 54.1. Professions and Occupations |
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SUBTITLE II. Professions and Occupations Regulated By the Department of Professional and Occupational Regulation and Boards Within the Department |
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CHAPTER 21. Real Estate Brokers, Sales Persons and Rental Location Agents |
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ARTICLE 3. Duties of Real Estate Brokers and Salespersons |
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SECTION 54.1-2136. Preconditions to brokerage relationship |
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Prior to entering into any brokerage relationship provided for in this article, a licensee shall advise the prospective client of (i) the type of brokerage relationship proposed by the broker and (ii) the broker's compensation and whether the broker will share such salary or compensation with another broker who may have a brokerage relationship with another party to the transaction. |