Chapter 1
Virginia Real Estate Law & Agency
Course: Virginia Real Estate Exam Prep
Subject: Virginia State Salesperson Exam Prep
Chapter: Fair Housing Amp Ethics
VREB Regulations: The Enforceable Minimum:These are not just ideals; they are legal requirements with disciplinary consequences.
- Competence (18VAC135-20-260): You cannot handle a transaction type (e.g., commercial, farm, new construction) for which you lack the necessary knowledge and experience without either (a) gaining the required competence or (b) disclosing your lack of expertise to the client and recommending they seek expert advice.
- Honesty and Fair Dealing: This extends to all parties, not just your client. You cannot make a knowingly false or reckless statement about a property, another licensee, or their client. This includes exaggerating property features, misrepresenting the urgency of other offers, or badmouthing competitors.
- Confidentiality: Protects all information received from a client that could harm their negotiating position if disclosed. This includes their motivation, financial capacity, willingness to pay more or accept less, and personal circumstances. This duty survives the termination of the agency relationship.