By Carl Fischer
July 1, 2012 has now passed, and the new regulations put in place by the Virginia Real Estate Board (VREB) and through it’s licensing and oversight arm, the Department of Professional and Occupational Regulation (DPOR) are now the law of the land.
So from this date forward, when you engage for the first time ANY licensed real estate agent or broker here in the Commonwealth of Virginia, be prepared to declare how you would like him to provide services for you. You have three choices:
- As a STANDARD AGENT, who has the normal and usual responsibilities to represent you as in the past. But he may also have additional duties which you and he must agree to, in writing, or
- As a LIMITED SERVICE AGENT, (formerly a limited service representative), who acts for or represents a client with respect to real property containing from one to four residential units, pursuant to a brokerage agreement that specifies that he will NOT PROVIDE one or more of the duties set forth in a specific list itemizing such services, or
- As an INDEPENDENT CONTRACTOR, whose role in NOT that of an agent, but may be referred to as a “transaction broker”, among other terms. In this capacity, the service you barter for (and agree to) is best characterized as a third-party facilitator whose job it is to seek agreement between the parties so as to achieve the goal of the client (you). The standards and duties of the agent in this capacity is far more limited on your behalf than either of the other two.