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Legal Hotline FAQs: Property Condition Disclosure

Question: Listing agents must disclose material adverse facts pertaining to the physical condition of the property of which they have actual knowledge to the buyer. Do I as the listing agent have a duty to discover these facts? For example, am I required to investigate whether a house has defective piping?

Answer:

Legal Hotline Q&A: Broker Supervision/Office Management & Audits

As of January 1, 2013, principal and supervising brokers are required to conduct a self-audit at least once during each firm license term (and sole practitioners at least once during each license term) to ensure compliance with Real Estate Board Regulations. The audit must be recorded on the Firm/Sole Proprietor Audit Form which can be found at the Real Estate Board’s website: http://www.dpor.virginia.gov/Boards/Real-Estate/.

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