Virginia, Tennessee pass real estate service laws

Both states allow limited-service business models

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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.