18VAC135-20-280: Improper financial transactions and dealings

A. Improper financial transactions and dealings include:

1. Offering to pay, paying, or providing valuable consideration to any person not licensed in this or any jurisdiction for services that require a real estate license;

2. Accepting a commission, fee, compensation, or other valuable consideration, as a real estate salesperson or associate broker, for any licensed real estate activity from any person or entity except the licensee's principal broker or supervising broker at the time the licensed real estate activity was performed without the prior written consent of the licensee's principal broker;

3. Receiving financial benefit from the use of any information about the property, the licensed real estate activity, or the parties to the transaction, when the information is gained as a result of the performance of licensed real estate activity without the prior written consent of the licensee's principal broker, the clients, and, when applicable, the parties to the transaction;

4. Receiving financial benefit or other valuable consideration for any work or service related to a transaction without the prior written acknowledgment of the person paying for such work or service; and

5. Making a listing contract or lease which provides for a "net" return to the seller or lessor, leaving the licensee free to sell or lease the property at any price the licensee can obtain in excess of the "net" price named by the seller or lessor.

B. Actions constituting improper dealing include offering real property for sale or for lease without the knowledge and consent of the owner or the owner's authorized representative without taking reasonable steps to verify identity, or on any terms other than those authorized by the owner or the owner's authorized representative.