Virginia and Tennessee have passed legislation establishing service requirements for full-service real estate licensees while allowing exemptions for licensees that offer fewer services in a real estate transaction. A number of other states have already passed or are considering legislation relating to agent service requirements, though the restrictions and exemptions vary from state to state. In a handful of cases these laws -- sometimes referred to as minimum-service measures -- have drawn fire from the U.S. Department of Justice and the Federal Trade Commission. The federal agencies have stated that such laws can be anti-consumer and anti-competitive. But that was not the case in Virginia. The Virginia Association of Realtors, which backed the bill in that state, invited the Justice D...
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