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.

Terms Used In Virginia Code 54.1-2136

  • Brokerage relationship: means the contractual relationship between a client and a real estate licensee who has been engaged by such client for the purpose of procuring a seller, buyer, option, tenant, or landlord ready, able, and willing to sell, buy, option, exchange or rent real estate on behalf of a client. See Virginia Code 54.1-2130
  • Client: means a person who has entered into a brokerage relationship with a licensee. See Virginia Code 54.1-2130
  • Licensee: means real estate brokers and salespersons as defined in Article 1 (§ 54. See Virginia Code 54.1-2130

1995, cc. 741, 813.

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