Competition Realty LLC™
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©1997 - 2006 DML/CRLLC
1. AGENCY: Agency is the relationship formed when one person works for or represents another person by express authority. People whom licensees represent are called clients. People who receive services from licensees without being represented by licensees are called customers. A licensee does not necessarily represent the person who pays the licensee. As a result, a licensee may represent the buyer, but be paid by the seller. Although agency relationships may be formed without a written agreement, you should not assume that any person represents you unless you have a written agreement. The contract between the licensee and the client, whether verbal or in writing, defines the brokerage relationship, in addition to the responsibilities set forth in the Broker's Act and VREB regulations.
2. CLIENT STATUS: With this option, the buyer or seller signs an agreement with a licensee for that licensee to represent buyer or seller. For sellers, this agreement is usually called a listing. For buyers, this agreement is usually called a buyer broker or exclusive right to represent buyer agreement. The buyer or seller is then that licensee's client. If the agreement is an exclusive agreement, the client is required to work through that licensee. The licensee will generally be entitled to a commission if the buyer buys or seller sells property, even if they do not use the services of that licensee. The licensee is required to give its client advice as to price and other matters and to disclose any information which might be helpful to its client, and the licensee will help its client to negotiate the most favorable terms.
3. CUSTOMER STATUS: With this option, the buyer or seller does not sign an agreement with a real estate broker (although they will still be required to sign a disclosure form). The buyer or seller is then the real estate licensee's customer. The licensee will represent the other party in the transaction, who will be the licensee's client. The buyer or seller has no obligation to work through the licensee, and the licensee will only be entitled to a commission if the buyer buys or seller sells property through the licensee. The licensee may give the customer general advice and is required to treat the customer honestly and disclose material facts actually known to the licensee regarding the physical condition of the property, but the licensee generally may not give advice regarding price or assistance in negotiating favorable terms. The licensee is required to disclose to its client any information regarding the customer which might be helpful to the client. Another form of customer representation arises when the seller does not offer an agency relationship to a selling firm The selling firm would act only in the capacity of facilitating the transaction and would represent neither the seller nor buyer. The buyer would remain a customer of the selling firm. Selling firm responsibilities to the customer would remain the same as previously outlined in this paragraph.
4. RESPONSIBILITIES TO CLIENTS: In addition to the responsibilities set forth in the brokerage relationship, the Broker's Act provides that the licensee shall perform in accordance with the brokerage relationship and maintain the confidentiality of (I) all personal and financial information received from the client and (ii) any other information that the client requests be maintained confidential during the brokerage relationship except as otherwise provided by law. Additionally, the licensee shall promote the interests of client by seeking a buyer, tenant or property, as the case may be, in terms agreed upon in the brokerage relationship; however, the licensee shall not be obligated to seek additional offers to purchase or lease or seek additional properties, as the case may be, if the client has entered into a contract, unless agreed to as part of the brokerage relationship. The licensee shall present in a timely manner all written offers or counteroffers to and from the seller. The licensee shall account for in a timely manner all money and property received in which the client has an interest. The licensee shall treat all parties honestly and disclose to the other party material facts related to the property or concerning the transaction of which the licensee has actual knowledge. The licensee shall not knowingly give any party to the transaction false information. A licensee engaged by the seller shall disclose to prospective buyers all material adverse facts pertaining to the physical condition of the property which are actually known to the real estate agent. A real estate agent engaged by a buyer shall disclose to a seller the buyer's intent to occupy the property as a principal residence. A licensee may provide assistance to other parties by performing ministerial acts. Ministerial acts are routine acts which a licensee can perform for a person which do not involve,;e discretion or the exercise of the real estate agent's own judgment.
5. DUAL REPRESENTATION: Dual Agency, or Dual Representation, is when the same company represents both the buyer and the seller. This generally happens when a buyer who is a client of a licensee becomes interested in real property which is listed with the company for which the licensee works. Virginia law permits real estate companies to handle dual representation in two different ways. The first alternative permits the broker and all salespersons to continue to represent both the buyer and seller, but they will not share any confidential information. The other alternative involves the use of Designated Representatives. With this alternative, the broker is still a dual agent, but separate agents are designated to represent the buyer and seller, and these agents represent their respective clients as if the agents work for separate companies. Both agents give their best advice and keep the confidences of their respective clients. Real estate agents are required by law to disclose to both the buyer and seller whenever a dual representation relationship arises and any time designated representatives are used. In the event a dual representation is agreed to, all parties must enter into a separate Disclosure of Dual Representation/Disclosure of Designated Representatives Form.
6. COMPENSATION: Prior to entering into any brokerage relationship, a licensee shall advise the prospective client of: (I) the type of brokerage relationship proposed by the licensee and (ii) the licensee's compensation and whether the licencee will share such salary or compensation with another licensee who may have a brokerage relationship with another party to the transaction.
7. CHANGE IN STATUS: If a licensee's relationship with a client or customer changes, the licensee shall disclose that fact in writing to all clients and customers already involved in the contemplated transaction.
THE UNDERSIGNED DO HEREBY ACKNOWLEDGE DISCLOSURE THAT COMPETITION REALTY LLC, THE LICENSEE REPRESENTS:
THE SELLER / LANDLORD / BUYER / TENANT / OPTIONOR /
OPTIONEE (Circle ONE) IN A REAL ESTATE TRANSACTION.
In the normal course of
conducting business we may collect your private information such as but
not limited to your
name, address, social security number, income, marital status, employment
and similar personal information from - but not limited to:
Competition Realty LLC
Attn: Principal Broker
For each visitor to our Web site ("User"), our Web server will automatically recognize the User's domain name, but not the User's e-mail address. The Competition collects and stores the domain name, the e-mail addresses of those who communicate with us via e-mail and the cgi form gateway, the aggregate information on the Web pages that Users access or visit, and any and all information volunteered by the User, such as survey information and/or information we seek for site registration or security purposes. The User information collected by The Competition will not be shared with organizations which are not affiliated with The Competition unless otherwise noted below.
Users who supply us with their postal address, e-mail address, fax number, or telephone numbers, etc. on-line or via Internet e-mail or via any other means of communications can expect The Competition [Except as may be prohibited by privacy laws] to share that information with others. In all communications the user elects to communicate with The Competition, the User acknowledges that the information contained in the User's communications/message shall not be considered confidential and that The Competition shall be free to disclose such information contained therein without any liability or limitation - to share that information with but not limited to - its agents or brokers - The Competition's affiliates and any other company [that in the opinion of The Competition can provide a mutuality of services for relocating, rentals, and sales of real estate]. As such, these Users may receive periodic mailings from The Competition - its agents or brokers - its affiliates, and other companies, as herein stated, with information regarding new products and services or upcoming events. If you do not wish to receive such mailings, please indicate it in your on-line communication [via e-mail] and The Competition will remove your name from the list it shares with its agents or brokers. or the other parties herein named.
The Competition may [from time to time] place Internet cookies on our Users' hard drives. A cookie is a small text file that is sent from The Competition 's Web server to a Users' personal computer. This file contains information about a User's visit to The Competition 's Web site that only The Competition 's server can read. The cookies are stored on the User's hard drive and are not stored, in any form, by The Competition . Cookies are used throughout the log-in session to enhance a User's return visit to The Competition 's Web site. They are also used, when applicable, to verify the User's authorization to access certain Competition Web pages (e.g., a broker's access to the "The Competition e-net") so that the Users are not required to enter a user name and password every time they access a different page. Cookies may also provide a record of a User's visit, including information such as their User ID, password, time of last visit, and Web pages viewed. Except for cookies that are used to verify secured access authorization to various secured Competition Web pages, the cookies that The Competition will issue to casual Users will not contain user ID and passwords or information used in tracking. Users may decline the cookies by using the appropriate feature of their Web browser software, but by doing so, may experience a decrease in functionality.
© 1997-2001 Competition Realty LLC. All rights reserved.
E-mail Notice Except as required by privacy laws, if User elects to communicate with The Competition via Internet e-mail, the User acknowledges that the information contained in the User's message shall not be considered confidential and that The Competition shall be free to disclose such information contained therein without any liability or limitation.
The product information contained on this Web Site has been prepared for informational purposes only and is not intended to constitute a solicitation or offer for sale. All products listed may not be available in all states. For further information, please contact your nearest Competition Representative who can provide you with costs and complete details.
Terms & Conditions of Use
Your use of any of the The Competition web sites is subject to certain "Terms and Conditions of Use."
All real estate advertised herein is subject to the Federal Fair Housing Act, which makes it illegal to advertise any preference, limitations, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination. We will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.