*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS^® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.

Q: “In addition to being a broker, I’m also a shareholder in a home building company. When disclosing ownership interest, do I have to state that I specifically have an ownership interest? Or is it sufficient to simply say ‘One of the shareholders in this company is a Virginia real estate licensee?'”

A: Neither the disclosure requirements in the Virginia Code or the Code of Ethics require you to specifically name the person who is a licensee. As long as the consumer is on notice that someone with an ownership interest is a licensee, you have satisfied the disclosure requirement. 

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