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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  December 14, 2005  |   Law Lets Consumers Opt Out of Real Estate Services The Virginia Association of REALTORSŪ has helped to create legislation that "legitimizes the discount brokerage model" by creating a new agency relationship, says association CEO R. Scott Brunner. Current state law permits discounters to operate under non-agency agreements, but the "limited service agency" designation would establish a legal relationship between the discount broker and the client. While other states have passed minimum-service laws that require agents to perform certain services, Brunner says the Virginia group supports limited service models as long as customers are aware of the services that will and will not be performed. The bill calls for a "Disclosure of Limited Service Agency or Representation" statement that lets clients waive particular agent services, such as the presentation of offers and counteroffers, assistance with negotiations and settlement, and property disclosures. Consumers also must understand that the agent representing the other party does not have to provide advice or assistance to anyone other than his or her client.

Source: Inman News Features (12/13/05); Roberts Jr., Glenn

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