Virginia Agency Model Cheat Sheet

📋 The 1-minute cheat sheet

• Agency in Virginia is a brokerage relationship between a client and a real estate firm/broker, with duties owed to the client.
• A licensee can represent the seller (seller agent), the buyer (buyer agent), both, or act as an independent/standard agent depending on the agreement.
• Brokerage relationships should be established in writing and disclosed; representation is created by agreement, not assumed.
• Common duties to a client: loyalty, confidentiality, disclosure, obedience to lawful instructions, reasonable care, and accounting.
• Dual representation (representing both buyer and seller) requires written consent from both clients.
• An independent/standard agent owes statutory duties but a reduced set compared with full representation.
• Material adverse facts about the property known to the licensee must still be disclosed despite caveat emptor.
• The salesperson acts for the principal broker; the brokerage relationship is with the firm/broker, not the individual salesperson alone.