Overview
This document summarizes disclosure obligations for licensed real estate agents who are parties (buyers or sellers) in residential real estate transactions in Maryland, the District of Columbia, and Virginia. Requirements focus on written disclosure of licensure status and agency relationships.
Maryland (MD)
- Key Requirements:
• Written agency disclosure is required at or before the first scheduled face-to-face meeting to discuss a specific property with someone the licensee does not represent.
• If a licensee is buying or selling their own property, they must disclose that they are a licensed real estate agent.
• Disclosure is typically made in writing in the contract and MLS as “Owner/Agent” or similar language.
• Standardized agency disclosure forms are commonly used (e.g., Understanding Whom Real Estate Agents Represent).
District of Columbia (DC)
- Key Requirements:
• Written disclosure of whom the agent represents must be made to unrepresented parties at the earliest practical time.
• If a licensee is a party to the transaction (buyer or seller), they must disclose their licensed status.
• Dual agency requires written informed consent from all parties.
• Disclosures must be clear and conspicuous, typically using prescribed forms.
Virginia (VA)
- Key Requirements:
• If a licensee (or related entity) is buying or selling property in which they have an ownership interest, they must disclose in writing that they are a licensed real estate agent.
• Disclosure must occur when substantive discussions about the property begin.
• Brokerage relationship disclosure (buyer, seller, dual, or designated representation) is required before or at the time of presenting offers.
• Dual agency requires written informed consent from all parties.
Practical Takeaways
• Disclosure must be in writing in all three jurisdictions.
• Disclosure should occur early in the transaction process.
• Failure to disclose may result in disciplinary action or contractual consequences.
• When in doubt, use official state-approved disclosure forms.
