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

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

No licensee representing a buyer or tenant shall be deemed to have abrokerage relationship with a seller, landlord or other licensee solely byreason of using a common source information company. However, nothingcontained in this article shall be construed to prevent a common sourceinformation company from requiring, as a condition of participation in or useof such common source information, that licensees providing informationthrough such company disclose the nature of the brokerage relationship withthe client, including, but not limited to, whether the licensee is acting as(i) an independent contractor, (ii) a limited service representative, or(iii) a transaction broker, facilitator or in some other capacity as providedin the brokerage agreement. A common source information company may, butshall not be obligated to, require disclosure of a standard agencyrelationship, and may adopt rules providing that absent any disclosure, alicensee providing information through such company may be assumed to beacting as a standard agent. A common source information company shall havethe right, but not the obligation, to make information about the nature ofbrokerage relationships available to its participants and to settlementservice it provides including, without limitation, title insurance companies,lenders, and settlement agents.

(1995, cc. 741, 813; 2006, c. 627.)