Act No. 8937 — An Act amending title 27 Virgin Islands Code, chapter 15 relating to real estate brokers and sales associates pit | Ee
ACTNO.8 937 BILL NO. 35-0391 THIRTY-FIFTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2024 An Act amending title 27 Virgin Islands Code, chapter 15 relating to real estate brokers and sales associates pit | Ee Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 27 Virgin Islands Code, chapter 15 is amended in the following instances: (a) In the chapter heading, strike “and Salesmen” and insert “, and Sales Associates”. (b) Section 421 is amended as follows: (1) _ Insert the following definitions before the definition of “Commission”: “Agency disclosure” means the disclosure, in written form, of the agency relationship. “Agency relationship” means a fiduciary relationship created solely by an express written agency agreement between a person and a real estate broker, authorizing the real estate broker to act as an agent for the person according to the scope of authority granted in the written agency agreement for a real estate transaction. “Agent” means one authorized and empowered by a written agency agreement to perform actions for a client. …
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