A. A client is not liable for (i) a misrepresentation made by a licensee in connection with a brokerage relationship, unless the client knew or should have known of the misrepresentation and failed to take reasonable steps to correct the misrepresentation in a timely manner, or (ii) the negligence, gross negligence or intentional acts of any broker or broker's licensee.
B. A broker who has a brokerage relationship with a client and who engages another broker to assist in providing brokerage services to such client shall not be liable for (i) a misrepresentation made by the other broker, unless the broker knew or should have known of the other broker's misrepresentation and failed to take reasonable steps to correct the misrepresentation in a timely manner, or (ii) the negligence, gross negligence or intentional acts of the assisting broker or assisting broker's licensee.
C. Clients and licensees shall be deemed to possess actual knowledge and information only. Knowledge or information among or between clients and licensees shall not be imputed.
D. Nothing in this article shall limit the liability between or among clients and licensees in all matters involving unlawful discriminatory housing practices.
E. Except as expressly set forth in this section, nothing in this article shall affect a person's right to rescind a real estate transaction or limit the liability of (i) a client for the misrepresentation, negligence, gross negligence or intentional acts of such client in connection with a real estate transaction, or (ii) a licensee for the misrepresentation, negligence, gross negligence or intentional acts of such licensee in connection with a real estate transaction. However, nothing in this article shall create a civil cause of action against a licensee.
1995, cc. 741, 813; 2016, c. 334.
Structure Code of Virginia
Title 54.1 - Professions and Occupations
Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents
§ 54.1-2101. Real estate salesperson defined
§ 54.1-2101.1. Preparation of real estate contracts by real estate licensees; translation
§ 54.1-2103. Exemptions from chapter
§ 54.1-2104. Real Estate Board; membership; chairman; seal
§ 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
§ 54.1-2106.1. 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
§ 54.1-2109. (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
§ 54.1-2113. Establishment and maintenance of fund, duty of Director, assessments of regulants
§ 54.1-2114. Recovery from fund generally
§ 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
§ 54.1-2131. 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
§ 54.1-2138.2. Duty to disclose ownership interest in specific real property
§ 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