54.1-2135 - Licensees engaged to manage real estate. - Virginia Statutes

§ 54.1-2135. Licensees engaged to manage real estate.

A. A licensee engaged to manage real estate shall:

1. Perform in accordance with the terms of the property management agreement;

2. Exercise ordinary care;

3. Disclose in a timely manner to the owner material facts of which thelicensee has actual knowledge concerning the property;

4. Maintain confidentiality of all personal and financial informationreceived from the client during the brokerage relationship and any otherinformation that the client requests during the brokerage relationship bemaintained confidential unless otherwise provided by law or the ownerconsents in writing to the release of such information;

5. Account for, in a timely manner, all money and property received in whichthe owner has or may have an interest; and

6. Comply with all requirements of this article, fair housing statutes andregulations, and all other applicable statutes and regulations which are notin conflict with this article.

B. Except as provided in the property management agreement, a licenseeengaged to manage real estate does not breach any duty or obligation to theowner by representing other owners in the management of other properties.

C. A licensee may also represent the owner as seller or landlord if theyenter into a brokerage relationship that so provides; in which case, thelicensee shall disclose such brokerage relationships pursuant to theprovisions of this article.

(1995, cc. 741, 813.)