This question requires a two-step answer. The Code of Virginia has made it clear that a limited service agent/broker “shall provide the client, at the time of entering the brokerage agreement, copies of any and all disclosures required by federal or state law.” VA Code § 54.1-2130. In addition, the limited service broker shall disclose to the client the following in writing: (1) the rights and obligations of the client under the Virginia Residential Property Disclosure Act; (2) the rights and obligations of the client to deliver or receive the condominium documents or the condominium resale certificate, as applicable; and (3) the rights and obligations of the client to deliver or receive the Property Owners Act association disclosure packet, as applicable. VA Code § 54.1-2130. Furthermore, the limited service broker must disclose to potential buyers all material adverse facts pertaining to the physical condition of the property actually known by the broker. This requirement is the same as for a standard agent. The Code of Virginia, therefore, requires a limited service broker to disclose the presence of carbon monoxide (a material adverse fact pertaining to the physical condition of the property) if he or she actually knows about it. However, a limited service broker often has access to much less information than a standard agent and, therefore, may not actually know of the material adverse fact.

The Code of Ethics does not differentiate between the duties owed by a Realtor® engaged as a limited service agent and those of a standard agent. Article 2 of the Code of Ethics requires that Realtors® discover and disclose adverse factors reasonably apparent to someone with their expertise. However, they are not required to discover and disclose latent (hidden) defects in property or to advise clients or customers on matters requiring specialized knowledge and training not required by the state licensing authority or in the Realtor's® area of expertise. Standard of Practice 1-2 helps define this duty. The duty is to discover and disclose "adverse factors reasonably apparent."