Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 135 - REAL ESTATE BOARD › Chapter 20 - VIRGINIA REAL ESTATE BOARD LICENSING REGULATIONS › Part V - Standards of Practice and Conduct › Section 18VAC135-20-300 - Misrepresentation/omission

Current through Register Vol. 40, No. 24, July 15, 2024
Actions constituting misrepresentation or omission, or
					 both, include:
1. Using "bait and
				  switch" tactics by advertising or offering real property for sale or rent with
				  the intent not to sell or rent at the price or terms advertised, unless the
				  advertisement or offer clearly states that the property advertised is limited
				  in specific quantity or for a specified time period and the licensee did in
				  fact have at least that quantity for sale or rent at that price or terms at the
				  time of advertising ;
2. Failure by
				  a licensee representing a seller or landlord as a standard agent to disclose in
				  a timely manner to a prospective purchaser or tenant all material adverse facts
				  pertaining to the physical condition of the property which are actually known
				  by the licensee;
3. Failing as a
				  licensee to tender promptly to the buyer and seller every written offer, every
				  written counteroffer, and every written rejection to purchase, option or lease
				  obtained on the property involved;
4. Failure by a licensee acting as an agent
				  to disclose in a timely manner to the licensee's client all material facts
				  related to the property or concerning the transaction when the failure to so
				  disclose would constitute failure by the licensee to exercise ordinary care as
				  defined in the brokerage agreement;
5. Notwithstanding the provisions of
				  subdivision 4 of this section, a licensee acting as a dual representative shall
				  not disclose to one client represented in the dual representation confidential
				  information relating to the transaction obtained during the representation of
				  another client in the same dual representation unless otherwise provided by
				  law;
6. Failing to include the
				  complete terms and conditions of the real estate transaction, including but not
				  limited to any lease, property management agreement or offer to
				  purchase;
7. Failing to include in
				  any application, lease, or offer to purchase identification of all those
				  holding any deposits;
8. Knowingly
				  making any false statement or report, or willfully misstating the value of any
				  land, property, or security for the purpose of influencing in any way the
				  action of any lender upon:
a. Applications,
				  advance discounts, purchase agreements, repurchase agreements, commitments or
				  loans;
b. Changes in terms or
				  extensions of time for any of the items listed in this subdivision 8 whether by
				  renewal, deferment of action, or other means without the prior written consent
				  of the principals to the transaction;
c. Acceptance, release, or substitution of
				  security for any of the items listed in subdivision 8 a of this section without
				  the prior written consent of the principals to the transaction;