Code of Virginia
Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents
§ 54.1-2137. Commencement and termination of brokerage relationships

A. The brokerage relationships set forth in this article shall commence at the time that a client engages a licensee and shall continue until (i) completion of performance in accordance with the brokerage agreement or (ii) the earlier of (a) any date of expiration agreed upon by the parties as part of the brokerage agreement or in any amendments thereto, (b) any mutually agreed upon termination of the brokerage agreement, (c) a default by any party under the terms of the brokerage agreement, or (d) a termination as set forth in subsection G of § 54.1-2139.
B. Brokerage agreements shall be in writing and shall:
1. Have a definite termination date; however, if a brokerage agreement does not specify a definite termination date, the brokerage agreement shall terminate 90 days after the date of the brokerage agreement;
2. State the amount of the brokerage fees and how and when such fees are to be paid;
3. State the services to be rendered by the licensee;
4. Include such other terms of the brokerage relationship as have been agreed to by the client and the licensee; and
5. In the case of brokerage agreements entered into in conjunction with the client's consent to a dual representation, the disclosures set out in subsection A of § 54.1-2139.
C. Except as otherwise agreed to in writing, a licensee owes no further duties to a client after termination, expiration, or completion of performance of the brokerage agreement, except to (i) account for all moneys and property relating to the brokerage relationship and (ii) keep confidential all personal and financial information received from the client during the course of the brokerage relationship and any other information that the client requests during the brokerage relationship be maintained confidential, unless otherwise provided by law or the client consents in writing to the release of such information.
1995, cc. 741, 813; 2011, c. 461; 2012, c. 750; 2018, cc. 60, 86.

Structure Code of Virginia

Code of Virginia

Title 54.1 - Professions and Occupations

Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents

§ 54.1-2100. Definitions

§ 54.1-2101. Real estate salesperson defined

§ 54.1-2101.1. Preparation of real estate contracts by real estate licensees; translation

§ 54.1-2102. Repealed

§ 54.1-2103. Exemptions from chapter

§ 54.1-2104. Real Estate Board; membership; chairman; seal

§ 54.1-2105. General powers of Real Estate Board; regulations; educational and experience requirements for licensure

§ 54.1-2105.01. Educational requirements for all salespersons within one year of licensure

§ 54.1-2105.02. Regulation of real estate education providers and courses

§ 54.1-2105.03. Continuing education; relicensure of brokers and salespersons

§ 54.1-2105.04. Education requirements; reactivation of licenses; waiver

§ 54.1-2105.1. (Effective until January 1, 2023) Other powers and duties of the Real Estate Board

§ 54.1-2105.1. (Effective January 1, 2023) Other powers and duties of the Real Estate Board

§ 54.1-2105.2. Cease and desist orders for unlicensed activity; civil penalty

§ 54.1-2106. Repealed

§ 54.1-2106.1. Licenses required

§ 54.1-2106.2. Certification of audit on renewal of firm or sole proprietorship license

§ 54.1-2107. Certain action to constitute real estate broker or salesperson

§ 54.1-2108. Protection of escrow funds, etc., held by broker

§ 54.1-2108.1. Protection of escrow funds, etc., held by a real estate broker in the event of foreclosure of real property; required deposits

§ 54.1-2108.2. Protection of escrow funds, etc., held by a real estate broker in the event of termination of a real estate purchase contract

§ 54.1-2109. (Effective until January 1, 2023) Death or disability of a real estate broker

§ 54.1-2109. (Effective January 1, 2023) Death or disability of a real estate broker

§ 54.1-2110. Resident broker to maintain place of business in Virginia

§ 54.1-2110.1. Duties of supervising broker

§ 54.1-2111. Consent to suits and service of process by nonresidents; manner of service

§ 54.1-2111.1. Voluntary compliance program; real estate brokers

§ 54.1-2112. Definitions

§ 54.1-2113. Establishment and maintenance of fund, duty of Director, assessments of regulants

§ 54.1-2114. Recovery from fund generally

§ 54.1-2115. Investigations

§ 54.1-2116. Limitations upon recovery from fund; certain actions not a bar to recovery

§ 54.1-2117. Participation by Board in proceedings

§ 54.1-2118. Payment of claim; assignment of claimant's rights to Board

§ 54.1-2119. Revocation of license of regulant upon payment from fund

§ 54.1-2120. No waiver by Board of disciplinary action against regulant

§ 54.1-2130. Definitions

§ 54.1-2131. Licensees engaged by sellers

§ 54.1-2132. Licensees engaged by buyers

§ 54.1-2133. Licensees engaged by landlords to lease property

§ 54.1-2134. Licensees engaged by tenants

§ 54.1-2135. Licensees engaged to manage real estate

§ 54.1-2136. Preconditions to brokerage relationship

§ 54.1-2137. Commencement and termination of brokerage relationships

§ 54.1-2138. Disclosure of brokerage relationship in residential real estate transactions

§ 54.1-2138.1. Limited service agent in a residential real estate transaction, contract disclosure required

§ 54.1-2138.2. Duty to disclose ownership interest in specific real property

§ 54.1-2139. Disclosed dual agency and dual representation authorized in a residential real estate transaction

§ 54.1-2139.01. Disclosed dual agency and dual representation in commercial real estate transactions authorized

§ 54.1-2139.1. Designated standard agency or designated representation authorized in a residential real estate transaction

§ 54.1-2139.2. Repealed

§ 54.1-2140. Compensation shall not imply brokerage relationship

§ 54.1-2141. Brokerage relationship not created by using common source information company

§ 54.1-2142. Liability; knowledge not to be imputed

§ 54.1-2142.1. Liability for false information

§ 54.1-2143. Real estate board regulations to be consistent

§ 54.1-2144. Common law abrogated

§ 54.1-2145. Article does not limit antitrust laws

§ 54.1-2146. Licensee maintenance of records