Virgin Islands USVI real estate problems with dual agency

#8 Laws for the Real Estate Commission

2019 US Virgin Islands Code
Title 27 - Professions and Occupations
Chapter 15 - Real Estate Brokers and Salesmen
§ 421a. Virgin Islands Real Estate Commission

Universal Citation: V.I. Code tit. 27, § 421a (2019)

Establishment

(a) There is hereby created within the Department the Virgin Islands Real Estate Commission.

Composition; qualifications of members

(b) The Commission shall be composed of seven (7) members appointed by the Governor, not more than three of whom shall be licensed real estate brokers. One of such real estate brokers shall be an attorney. They shall be citizens of the United States and residents of the Virgin Islands. The members who are real estate brokers shall have been licensed as brokers in the Virgin Islands for at least five consecutive years prior to the date of appointment; Provided, however, That for the purpose of this requirement licensure as a real estate agent in the Virgin Islands prior to December 1, 1967, may be counted. Not more than three members may reside in any one island.

Appointment of members; terms

(c) The Governor shall make initial appointments to the Commission within sixty days after May 14, 1967, three members to be appointed for initial terms of two years, and two members for initial terms of four years. Thereafter, all members shall be appointed for terms of four years, except that any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term. Each member shall serve until the appointment and qualification of his successor. Appointment of members to the Commission shall be subject to confirmation by the Legislature.

Chairman

(d) The Commission shall annually elect one of its members to serve as Chairman; Provided, That the Governor shall designate the Chairman of the Commission initially appointed under this section.

Compensation

(e) The members of the Commission shall serve without compensation, but shall be subject to the provisions of section 65 of this Code.

Removal of members

(f) The members may be removed by the Governor for cause.

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2019 US Virgin Islands Code
Title 27 - Professions and Occupations
Chapter 15 - Real Estate Brokers and Salesmen
§ 422. Duties of Real Estate Commission

Universal Citation: V.I. Code tit. 27, § 422 (2019)

In addition to any other powers and duties that may be provided by law, the Commission shall administer the provisions of this chapter, except as otherwise specifically provided, and without limitation on the generality of the foregoing shall have the powers and duty to—

(1) adopt an official seal;
(2) employ counsel, subpoena witnesses and administer oaths;
(3) keep records of its proceedings;
(4) recommend the issuance, suspension, revocation or reinstatement of licenses under this chapter;
(5) submit to the Governor through the Commissioner of Licensing and Consumer Affairs annual reports containing a summary of its work, a register of all persons licensed under the provisions of this chapter, and such other data as the Governor or the Commissioner of Licensing and Consumer Affairs may request or as may be deemed proper by the Commission;
(6) adopt, amend and repeal rules and regulations and bylaws not inconsistent with the provisions of this chapter relating to the organization and operation of the Commission and the licensing under this chapter of real estate brokers and real estate salesmen, which rules, regulations or bylaws shall be approved by the Governor.

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2019 US Virgin Islands Code
Title 12A - Consumer Code
Chapter 6 - Consumer Fraud and Deceptive Business Practices
§ 328. Remedies of the Department of Licensing and Consumer Affairs

Universal Citation: V.I. Code tit. 12A, § 328 (2019)

(a) The Department may bring:

(1) An action to obtain a declaratory judgment that an act or practice violates this chapter.
(2) An action to enjoin any person who has violated, is violating, or is otherwise likely to violate, this chapter.
(3) An action on behalf of one or more consumers for the actual damages caused by an act or practice in violation of this chapter. However, damages are not recoverable under this chapter against a retailer who has in good faith engaged in the dissemination of claims of a manufacturer or wholesaler without actual knowledge that it violated this chapter.
(4) A motion in the Superior Court to appoint a receiver; or
(5) Any other action provided by law.

(b) The Department may petition the Superior Court to impose a civil penalty in a sum not to exceed $50,000 against any person found by the court to have engaged in any method, act or practice declared unlawful under this chapter. If the court finds the method, act or practice to have been entered into with the intent to defraud, the court may impose a civil penalty in a sum not to exceed $50,000 per violation.

(c) A civil penalty imposed under subsection (b) must be paid to the Department of Finance who shall deposit the money in the Treasury of the Government of the Virgin Islands in a special fund designated the Consumer Protection Fund, established in title 33, chapter 111, section 3100o.

(d) If the Court finds a person to have engaged in any method, act, or practice declared unlawful under this chapter, and the violation was committed against a person 65 years of age or older, the court may impose an additional civil penalty not to exceed $10,000 for each violation.

(e) A civil penalty imposed under subsection (d) must be paid to the Department of Finance. The Department shall deposit the money in the Treasury of the Government of the Virgin Islands in a special fund designated the Elderly Victim Fund established in title 33, chapter 111, section 3100n.

(f) The Court shall consider the following in determining whether to impose a civil penalty under subsection (d):

(1) Whether the defendant's conduct was in willful disregard of the right of the person 65 years of age or older;
(2) Whether the defendant knew or should have known that the defendant's conduct was directed to a person 65 years of age or older;
(3) Whether the person 65 years of age or older was substantially more vulnerable to the defendant's conduct because of age, poor health, infirmity, impaired understanding, restricted mobility, or disability, than other persons; and
(4) Any other factors the court considers appropriate.

(g) Any other actions as provided by law.

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2019 US Virgin Islands Code
Title 27 - Professions and Occupations
Chapter 15 - Real Estate Brokers and Salesmen
§ 429. Suspension or revocation of license

Universal Citation: V.I. Code tit. 27, § 429 (2019)

(a) The Commissioner of Licensing and Consumer Affairs, upon recommendation of the Commission, and subject to appeal to the Governor within fifteen days after such recommendation, may revoke or suspend the license of any person issued under this chapter who, after due notice and hearing by the Commission is found guilty of any of the offenses described in this chapter.

(b) The Commission may, upon its own motion, or upon the verified complaint in writing of any person, hold a hearing for the suspension or revocation of a license. The Commission may recommend to the Commissioner of Licensing and Consumer Affairs the revocation or suspension of a license where it has been obtained by fraud or false representation, or where the licensee, in performing or attempting to perform any of the acts mentioned herein, is found guilty of—

(1) pursuing a continued and flagrant course of misrepresentation, or making false promises through agents or salesmen or any medium of advertising, or otherwise, or
(2) misleading or untruthful advertising, or using the trade name or insignia of member in any real estate organization of which the licensee is not a member, or
(3) failing within a reasonable time to account for or remit any moneys coming into his possession which belong to others, commingling funds of others with his own, or failing to keep such funds of others in escrow or trustee account, or
(4) being convicted in a court of competent jurisdiction of forgery, embezzlement, obtaining money under false pretenses, extortion, conspiracy to defraud, or any similar offense or offenses, or pleading guilty or nolo contendre to any such offense or offenses, or
(5) failing to furnish a copy of any written instrument to any party executing the same at the time thereof, or
(6) any conduct in a real estate transaction which demonstrates bad faith, dishonesty, untrustworthiness or incompetency, or
(7) failure to disclose to an owner his intention or true position where he directly or indirectly purchases for himself, or acquires or intends to acquire any interest in, or options to purchase property which he or his associates have been employed to sell, or
(8) failing to make known for which party he is acting, or receiving compensation from more than one party, except with the full knowledge of all parties, or
(9) dividing a commission or any other valuable consideration with any person who is not authorized to engage in the real estate business.

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VIRGIN ISLANDS REAL ESTATE COMMISSION

RULES AND REGULA TIO NS
Exclusive Listings must be in writing and each listing agreement shall fully set forth its terms and
have a definite expiration date. At the time of securing a listing each person signing must be
furnished a true copy thereof. Negotiations concerning property which is listed with one broker
exclusively, must be carried on with the listing broker and not the owner. No broker or salesman
shall attempt to obtain an exclusive listing or sales contract from any owner knowing or having
reason to believe that another broker has an exclusive listing on the property unless he has written
permission from the broker having first exclusive listing.
NET LISTINGS:
The Virgin Islands Real Estate Commission discourages the acceptance by brokers, of net listings,
and hereby urgently recommends that the broker, when securing the listing, add the customary
commission and closing costs thereby notifying the seller listing the property the gross listed price
thereon.
RULES REGARDING SELLING
ADVERTISING:
1. A broker shall not advertise to sell, buy, exchange, rent or lease property in a manner
indicating that the offer to sell, buy, exchange rent or lease such property is being made by
a private party not engaged in the real estate business, and no advertisement shall be inserted
in any publication where only a post office box number, telephone number or street address
appear. Every broker, when advertising real estate in any publication and/or signs on
property for sale, rent or lease, shall affirmatively unmistakably indicate that the party
advertising is a licensed real estate broker and the street address or the office address of the
advertising broker must be printed thereon. Every salesman is prohibited from advertising
under his own name to purchase any property or offering for sale, rent or lease any property.
All advertising must be under the direct supervision and in the name of the employer broker.
Advertising by any broker or salesman, whether printed or by radio, TV display, or other
nature which is misleading or inaccurate in any material particular or in any way
misrepresents any property, terms, values, policies or makes gifts, or otherwise directly or
indirectly, for the purpose of securing business, is prohibited.
2. Every real estate broker shall display a sign on the outside of his designated place of business
with letters thereon of not less than three inches, or to comply with requirements of
downtown offices, stating that he is engaged in the real estate business and such sign shall
be conspicuously displayed so as to notify the public that he is engaged in the real estate
business. If a broker maintains his principal place of business at his home, it is still
necessary and compulsory that he display a sign, and he will not be exempt from compliance
because he maintains his office in a district restricted against business occupancy by local
zoning ordinances or other regulations. Salesmen are not required to display signs at the
designated place of business of their broker, however, they cannot post signs on property
adve11ising themselves as a real estate agent unless employing broker's name appears thereon
in letters of the same or larger size than the name of the salesman.
3. A broker shall not advertise, either personally, or through any media, to sell, exchange, rent
or lease property when such advertisement is directed at persons of a particular race, creed,
religion, or national origin. The contents of any advertisement must be confined to
infonnation relevant to the property itself, and any advertisement which is directed at persons
of any particular race, color, creed, religion, or national origin is prohibited.
OFFERS TO PURCHASE:
A broker or salesman shall promptly tender to seller any signed offer to purchase the property
involved. If accepted and signed by the sel !er, copies shall be promptly distributed, one to the seller,
one to the purchaser, and one to the broker. A full legal description of the property and all terms and
conditions involving sales must be included in the sales contract. A broker or salesman should
recommend to each purchaser that an attorney be retained by such purchaser to pass upon the
marketability of the title of the property and the other legal questions involved.
SUPERVISION:
In order to obtain and to renew his license, a salesman must be sponsored by a duly licensed broker
who shall give the salesman, and all salesman sponsored by him, close and continuing supervision
and shall be fully responsible for the real estate activities of that salesman or those salesmen.
CLOSING:
1. A salesman shall not participate in the closing of any real estate transaction except under the
direct supervision of the broker present at the closing under whom such salesman is licensed.
2. It shall be mandatory upon every broker to deliver to the seller, and to the buyer, in every real
estate transaction wherein he acts as a real estate broker, at the time such transaction is
consummated a complete, detailed closing statement showing all the receipts and
disbursements hand led by such broker. The broker shall retain a true copy of such statements in
his files.
ESCROW OR DEPOSIT FUNDS:
Monies delivered to a real estate broker or salesman by a buyer, promisor or obligor for the
purpose of being held by such real estate broker until the happening of a contingency or the
performing of a condition and, upon such happening or performance, to be delivered to the
seller, promisee or obligee are known as escrow or deposit funds. The broker must maintain an
account at a banking institution authorized to do business in the U.S. Virgin Islands and must
deposit therein any escrow or deposit funds which come into his possession as a result of any
activities as a real estate broker. Said account must be one from which said escrow or deposit
funds or any portion thereof can be withdrawn at any time and directly from such account. The
Virgin Islands Real Estate Commission shall not grant or renew a real estate broker's license
unless the application therefore shall be accompanied by the signed and sworn statement of the
applicant showing the name of the institution where such escrow account is held, the number of
such account and an authorization to the Commission or its investigators to examine such
account, such information and authorization to be supplied on a fonn furnished by the
Commission. In addition to the foregoing, each broker shall keep at his principal place of
business a journal or register of escrow or deposit funds which journal or register shall also be
subject to examination when specifically authorized by the Commission in writing during the
normal business hours of such place of business. Such examination shall be conducted by an
Assistant Attorney General of the Virgin Islands, and any information obtained shall be strictly
confidential and shall only be disclosed to the Commission in the event that the said Assistant
Attorney General finds what appears to be an irregularity in the journal or register examined.
The journal or register required to be kept herein shall show:
a. The name of the buyer, depositor, promisor or obligor;
b. The name of the seller, promisee, or ob Ii gee;
c. The amount of money placed on deposit or in escrow by such a buyer, depositor or
obligor, and the date of such deposit;
d. The date such deposit or escrow funds are released to the seller, obligee or promisee
or returned to the buyer, depositor, obligor or promisor.
BROKERS OR SALESMAN'S PERSONAL INTEREST:
No broker nor salesman shall buy for himself, either directly or indirectly, property listed with
him or on which he has been approached by the owner to act as a broker, nor shall he acquire any
interest therein, either directly or indirectly, without first making his true position clearly known to
the listing owner. Satisfactory proof of this fact must be produced by the broker upon
request of the Commission. No broker nor salesman shall take an option to himself, either
directly or indirectly, upon property for the sale of which he has been approached by the owner to
act as a broker without first making his true position clearly known that he is now acting as a
prospective buyer and is no longer acting as a broker or agent for the owner. Satisfactory proof of
this fact must be produced by the broker upon request of the Commission.
BROKER OR SALESMAN ATTEMPTING TO ACT IN DUAL CAPACITY:
No broker or salesman shall buy or lease, nor take an option to buy or lease, any interest in
property listed with him, or on which he has been requested to act as broker, unless he shall
clearly disclose his position as a buyer rather than a broker to the seller and insert a clause to
this effect in the contract. Neither shall any broker or salesman sell or lease or otherwise
convey any interest in property owned by him to any person, unless he shall clearly disclose his
position as a seller rather than a broker to the buyer and insert a clause to this effect in the contract.
DISCLOSE OF FINDER'S FEE TO PURCHASER:
No broker or salesman shall collect a "finder's fee" or any additional compensation from a lender
in connection with an FHA or VA loan, unless he shall clearly show in the closing statement that this
"finder's fee" in an additional charge being paid to the broker or salesman and not to the lender.
IMPROPER USE OF FORM SALES CONTRACTS, ETC. PROHIBITED:
It shall be considered a ''substantial misrepresentation" for a licensed real estate broker or salesman
to otherwise hold himself out to be a "Realtor" or to use a sales contract, lease or listing form on
which there appears the name of any real estate board or similar organization, unless the broker or
salesman is a member of such board or organization.
LICENSING REQUIREMENTS
BUSINESS NAME:
A broker shall not conduct his business under any name other than the one in which his license is
issued. A broker desiring to operate under a trade name shall send a certified copy of his certificate
of trade name, certified to by the Lieutenant Governor where such certificate is on file, to the
Commission with his application for broker's license and same name shall be shown on the broker's
license and pocket card.
SALESMAN:
Every salesman must be licensed under a broker; he cannot be licensed with more than one broker
during the same period of time. A salesman shall not commence work until he receives his pocket
card from his employer/broker, either on original application or transfer. Brokers and salesman shall
carry their pocket cards with them at all times. Duplicate cards will be issued upon satisfactory proof
of the loss of the originals. Immediately on the issuance of a duplicate card the original shall cease
to have any force or effect. Any salesman leaving the employment of a broker shall not take nor use
any listings of properties secured through the office or through salesman of the former employing
broker unless specifically authorized by the broker. The names of all prospective purchasers
tabulated or listed by the departing salesman shall be left with the former employing broker unless
specifically authorized by the broker. The names of all prospective purchasers tabulated or listed
by the departing salesman shall be left with the former broker. All plots of property, "For Sale"
signs, notebooks, listing cards, or record of any kind that have been used in connection with the
listing or selling of property shall be returned to the former broker in person by the departing
salesman unless otherwise agreed between the salesman and the broker.
LICENSEE'S DUTIES UPON SURRENDER, SUSPENSION OR REVOCATION OF
LICENSE:
A broker or salesman, upon surrendering his license or upon notice of suspension or revocation of
his license, shall forward the same, together with his pocket card, at once to the Commission. If
such license is that of a broker, such broker shall also forward to the Commission with his broker's
license and pocket card all salesman's licenses and pocket cards in his possession or in his office
and shall be responsible for all missing licenses of his salesman. No refund will be made upon
any license when surrendered, suspended or revoked.
EXAMINATIONS:
After an application is filed and examination scheduled no refund oflicense fee will be made to any
applicant in the event of withdrawal. Written examination for real estate brokers and salesmen shall
be held at such places as designated by the Commission. All application for examination should be
on file ten days prior to the examination date. A passing grade of seventy percent l70% } is
required of all applicants. If a broker or salesman fails the examination, a new application and fee
must be submitted.
RENEWALS:
All licenses expire on December 31 st of the year issued. Persons desiring to continue in business
must make proper application for renewal on or before January 1 st Failing to do this subjects such
persons to loss of right to charge a commission and also prosecution for doing business without a
license. The Commission, in its discretion, may require delayed renewal applications to take an
examination. Persons who fail to renew their licenses within one year of expiration date cannot
engage in any of the activities authorized by such license unless they file an original application,
pay for and sit the examination required of new licensees and must wait for approval by the
Commission at their next meeting.
RECOMMENDING BROKER:
No broker shall furnish the Real Estate Commission with information or advise the Commission that
any applicant for license as real estate salesman or real estate broker is honest and competent and
at the same time know or have information to lead him to believe that such applicant is incompetent
or dishonest. A recommending broker shall exercise extreme caution in recommending a salesman
or broker bearing in mind that he should be an asset to the profession.
LICENSEE IN SERVICE:
Any licensee entering the armed service will be re-licensed, without examination, for the current year
provided application is filed within one year after honorable discharge.
BROKERS DUTIES AND AGREEMENTS
PROPERTY MANAGEMENT:
When acting as agent in the management of property, a broker shou Id not accept any commission,
rebate, or profit on expenditures made for the owner, without his full knowledge and consent.
SALESMAN BUYING AND SELLING:
No salesman shall be permitted to buy or sell real estate in his own name, either in individual or
multiple parcels while licensed through a broker by the Virgin Islands Real Estate Commission
without the knowledge and consent of the employing broker.
BROKERS AGREEMENT- OUT OF STATE:
A licensed broker in the U.S. Virgin Islands is hereby permitted to divide or share a real estate
commission with a licensed broker in another State, where the latter broker does not carry on any
of the negotiations in this Territory and where similar privileges are extended by the other State to
licensed brokers in this Territory.
FALSIFYING CONTRACTS:
No broker nor salesman shall represent to a lender or any other interested party, either verbally or
through the preparation of a false sales contract, an amount in excess of the true and actual selling
price. Such practice constitutes a gross misrepresentation.
BROKER CHANGE OF ADDRESS:
If a broker changes business location, he or she must immediately notify the Real Estate Commission
by letter and return pocket card and pocket cards of all salesmen, whereupon the Commission shall
issue new pocket cards for unexpired period of license. For each change of business a fee $50.00
wi II be charged. If a broker wishes to become a salesman, he or she must return broker license
and pocket card to placed inactive, and file salesman's application and fee, whereupon the
Commission will issue a salesman license. If a broker wishes to change firm name, he or she
should contact the Commission office for application form and information on filing.
SALESMAN TRANSFER OR RELEASE:
The real estate broker shall retain in his possession the license of all real estate salesman licensed
under him, and shall relinquish possession of said licenses only to the Real Estate Commission.
When for any reason a salesman severs connection with his broker, and desires to transfer to another,
he should secure a transfer and release form, provided by the Commission, to be executed by him,
his fonner broker, and his new employing broker. For each transfer of license a fee of $50.00 will
be charged. Should his former broker not be agreeable to the transfer or release, the applicant then
shall have the right to appear before the Commission and it may be transferred in the discretion of
the Commission.
ASSOCIATE BROKER:
Where a licensed broker operates as an individual or Sole Owner of the business he or she may
hire one or more Associate Brokers provided the Associate Broker has met all of the qualifications
as defined in the law.
BRANCH OFFICES:
Every additional office of place of business other than the principal place ofbusiness of a broker now
in existence or hereafter established shall be approved by the Real Estate Commission after the
broker has given satisfactory proof that each additional place of business will be under the
supervision of a duly licensed Broker or Associate Broker. The Branch Office must be operated
under the same name as the principal office. Every such office must display a sign in the manner
provided for signs in Rules and Regulations covering "Advertising" paragraphs thereof.
CODE OF ETHICS
CODE OF ETHICS:
The following Code of Ethics has been adopted as a Rule and Regulation of the Virgin Islands Real
Estate Commission:
Article 1
The Broker should keep himself informed as to movements affecting real estate in his community,
territory and the nation, so that he may be able to contribute to public thinking on matters of taxation,
legislation, land use, city planning, and other questions effecting property interests.
Article 2
It is the duty of the broker to be well infonned on current market conditions in order to be in a
position to advise his clients as to the fair market price.
Article 3
It is the duty of the broker to protect the public against fraud, misrepresentation or unethical practices
in the real estate field. He should endeavor to eliminate in his community any practices which
could be damaging to the public or to the dignity and integrity of the real estate profession. The
broker should assist the commission charged with regulating the practices of brokers and salesmen
in his Territory.
Article 4
The broker should ascertain all pertinent facts concerning every property for which he accepts the
agency, so that he may fulfill his obligations to avoid error, exaggeration, misrepresentation, or
concealment of pertinent facts.
Article 5
The broker should not be instrumental in introducing into a neighborhood a use of property which
will be clearly detrimental to property values in that neighborhood.
Article 6
The broker should not be a party to the naming of false consideration in any document.
Article 7
The broker should not engage in activities that constitute the practice of law and should recommend
that legal counsel be obtained and that title insurance be secured when the interest of any party to
the transaction requires it.
Article 8
The broker should keep in a special bank account, separated from his own funds, monies coming into
his possession in trust for other persons, such as escrows, trust funds, client's monies and other like
items.
Article 9
The broker in his advertising should be especial Iy careful to present a true picture and should neither
advertise without disclosing his name, nor permit his salesman to use individual names or telephone
numbers, unless the salesman's connection with the Broker is obvious in the advertisement.
Article 10
The broker, for the protection of all parties with whom he deals, should see that final obligations
and commitments regarding real estate transactions are in writing, expressing the exact agreement
of the parties; and that copies of such agreements, at the time are in writing, expressing the exact
agreement of the parties; and that copies of such agreements, at the time they are executed, are
placed in the hands of all parties involved.
Article 11
In accepting employment as an agent, the Broker pledges himself to protect and promote the
interests of the client. This obligation of absolute fidelity to the client's interest is primary, but it
does not relieve the Broker from the obligation of dealing fairly with all parties to the transaction.
Article 12
In justice to those who place their interests in his care, the Broker should endeavor always to be
informed regarding laws, proposed legislation, government orders, and other essential
information and public policies which affect those interests.
Article 13
Since the broker is representing one or another party to a transaction, he may not
accept compensation from more than one of the parties without the full knowledge of all
parties to the transaction.
Article 14
The broker should not acquire an interest in or buy for himself, any members of his immediate
family, his firm or any member thereof, or any entity in which he has substantial ownership
interest, property listed with him or his film, without making the true position known to the
listing owner, and in selling property owned by him, or in which he has such interest, the facts
must be revealed to the purchaser.
Article 15
In general, the exclusive listing of property should be urged and practiced by the broker as a
means of preventing dissention and misunderstanding and of assuring better service to the owner
where it is in the owner's best interest.
Article 16
When acting as agent in the management of property, the broker shou Id not accept any commission,
rebate or profit on expenditures made for the owner without the owner's knowledge and consent.
Article 17
The Broker should not undertake any appraisal that is outside the field of his expertise unless he
obtains the assistance of an authority on such types of property, or unless the facts are fully disclosed
to the client. In such circumstances the authority so engaged should be so identified and his
contribution to the assignment should be clearly set forth.
Article 18
When asked to make a formal appraisal of real property, the broker should not render an opinion,
without careful and thorough analysis and interpretation of all factors affecting the value of the
property. His counsel constitutes a professional service. The broker should not undertake to make
an appraisal or render an opinion of value on any property where he has a present or contemplated
interest unless such interest is specifically disclosed in the appraisal report. Under no circumstances
should he undertake to make a formal appraisal when his employment or fee is contingent upon the
amount of his appraisal.
Article 19
The broker should not submit or advertise property without authority and in any offering, the price
quoted should not be other than that agreed upon with the owner as the offering price.
Article 20
In the event that more than one formal written offer on a specific property is made before the owner
has accepted an offer, any other formal written offer presented to the Broker, whether by a
prospective purchaser or another broker, should be transmitted to the owner for his decision.
Article 21
The broker should seek no unfair advantage over his fellow brokers and should willingly share with
them the lessons of his experience and study.
Article 22
The broker should not voluntarily disparage the business practice of a competitor, nor volunteer an
opinion of a competitor's transaction. If his opinion is sought it should be rendered with strict
professional integrity and courtesy.
Article 23
The agency of a broker cooperating with a listing broker should not invite the cooperation of a
third broker without the consent of the listing broker.
Article 24
The broker should cooperate with other brokers on property listed by him exclusively whenever
it is in the interest of the client, sharing commissions on a previously agreed basis.
Negotiations concerning property listed exclusively with one broker should be carried on with the
listing broker, not with the owner, except with the consent of the listing broker.
Article 25
The broker should not solicit the services of an employee or salesman in the organization of a
fellow broker without the knowledge of the employer.
Article 26
Signs giving notice of property for sale, rent, lease or exchange should not be placed on any
property by more than one broker, and then only if authorized by the owner, except as the property
listed with an authorization given to more than one broker.
Article 27
Signs, as directed in Article 26, shall not exceed three (3) square feet in surface area; shall not be
nearer than fifteen (15) feet from any similar sign or signs on the same property and only if
multiple signs are authorized by the owner; must be taken down immediately upon sale, lease or
exchange of the property or upon expiration, termination or cancellation of the listing. No real
estate broker or firm shall place more than one sign on the property.
Article 28
Signs advertising land subdivision exceeding five (5) acres in gross size may be placed at the
major access road or roads to the said subdivision only by the owner, developer or managing
broker and such subdivision signs may not exceed one (1) square foot in surface area for each one
(1) acre in gross size of the said subdivision; however, in no case shall the sign exceed thirty-two
(32) square feet in surface area.
Article 29
Signs advertising initial land sales in subdivision consisting of four (4) or more parcels may be
placed on the individual parcels only by the owner, developer or managing broker provided that
each
such sign shall not exceed two (2) square feet in surface area. No real estate broker or finn
shall place signs on parcels offered for initial sale in any subdivision; however, a broker or firm
may place a For Sale sign, in strict accordance with Article 26, hereof, on any such subdivision
parcel offered for re-sale.
Article 30
The Virgin Islands Real Estate Commission discourages the nailing or affixing of signs or live
trees.

LISTING:

Sunday