Final Text
Part I
General
18VAC135-20-10. Definitions.
The following words and terms when used in this chapter unless a different meaning is provided or is plainly required by the context shall have the following meanings:
"Active" means any broker or salesperson who is under the supervision of a principal or supervising broker of a firm or sole proprietor and who is performing those activities defined in §§ 54.1-2100 and 54.1-2101 of the Code of Virginia.
"Actively engaged" means active licensure with a licensed real estate firm or sole proprietorship in performing those activities as defined in §§ 54.1-2100 and 54.1-2101 of the Code of Virginia for an average of at least 40 hours per week. This requirement may be waived at the discretion of the board in accordance with § 54.1-2105 of the Code of Virginia.
"Actively engaged in the brokerage business" means anyone who holds an active real estate license.
"Associate broker" means any individual licensee of the board holding a broker's license other than one who has been designated as the principal broker.
"Client" means a person who has entered into a brokerage relationship with a licensee as defined by § 54.1-2130 of the Code of Virginia.
"Firm" means any sole proprietorship (nonbroker owner), partnership, association, limited liability company, or corporation, other than a sole proprietorship (principal broker owner), which is required by 18VAC135-20-20 B to obtain a separate brokerage firm license. The firm's licensed name may be any assumed or fictitious name properly filed with the board.
"Inactive status" refers to any broker or salesperson who is not under the supervision of a principal broker or supervising broker, who is not active with a firm or sole proprietorship and who is not performing any of the activities defined in §§ 54.1-2100 and 54.1-2101 of the Code of Virginia.
"Independent contractor" means a licensee who acts for or represents a client other than as a standard agent and whose duties and obligations are governed by a written contract between the licensee and the client.
"Licensee" means real estate brokers and salespersons as defined in Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia [ or real estate firms ].
"Principal broker" means the individual broker who shall be designated by each firm to assure compliance with Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia, and this chapter, and to receive communications and notices from the board which may affect the firm or any licensee active with the firm. In the case of a sole proprietorship, the licensed broker who is the sole proprietor shall have the responsibilities of the principal broker. The principal broker shall have responsibility for the activities of the firm and all its licensees. The principal broker shall have signatory authority on all escrow accounts maintained by the firm.
"Principal to a transaction" means a party to a real estate transaction including without limitation a seller or buyer, landlord or tenant, optionor or optionee, licensor or licensee. For the purposes of this chapter, the listing or selling broker, or both, are not by virtue of their brokerage relationship, principals to the transaction.
"Sole proprietor" means any individual, not a corporation, limited liability company, partnership, or association, who is trading under the individual's name, or under an assumed or fictitious name pursuant to the provisions of Chapter 5 (§ 59.1-69 et seq.) of Title 59.1 of the Code of Virginia.
"Standard agent" means a licensee who acts for or represents a client in an agency relationship. A standard agent shall have the obligations as provided in Article 3 (§ 54.1-2130 et seq.) of Chapter 21 of Title 54.1 of the Code of Virginia.
"Supervising broker" means (i) the individual broker who shall be designated by the principal broker to supervise the provision of real estate brokerage services by the associate brokers and salespersons assigned to branch offices or (ii) the broker, who may be the principal broker, designated by the principal broker to supervise a designated agent as stated in § 54.1-2130 of the Code of Virginia.
Part II
Entry
18VAC135-20-20. Necessity for license. (Refer to § 54.1-2106.1 of the Code of Virginia.)
A. Sole proprietor (principal broker owner). A real estate broker's license shall be issued to an individual trading under an assumed or fictitious name, that is, a name other than the individual's full name, only after the individual signs and acknowledges a certificate provided by the board, setting forth the name under which the business is to be organized and conducted, the address of the individual's residence, and the address of the individual's place of business. Each certificate must be attested by the clerk of court of the county or jurisdiction wherein the business is to be conducted. The attention of all applicants and licensees is directed to §§ 59.1-69 through 59.1-76 of the Code of Virginia.
B. Sole proprietor (nonbroker owner), partnership, association, limited liability company, or corporation. Every sole proprietor (nonbroker owner), partnership, association, limited liability company, or corporation must secure a real estate license for its firm before transacting real estate business. This license is separate and distinct from the individual broker license required of each partner, associate, manager of a limited liability company, and officer of a corporation who is active in the firm's brokerage business. Each applicant for such license shall disclose, and the license shall be issued to, the name under which the applicant intends to do or does business and holds itself out to the public. Each applicant shall also disclose the business address of the firm. The board will consider the application of any partnership, association, corporation or limited liability company only after the entity is authorized to conduct business in accordance with §§ 59.1-69 through 59.1-76 of the Code of Virginia.
C. Each real estate firm is required to have a principal broker whose license is in good standing with the board in order to transact real estate business.
D. Branch office license. If a real estate broker maintains more than one place of business within the state, a branch office license shall be issued for each place of business maintained. Application for the license shall be made on forms provided by the board and shall reveal the name of the firm, the location of the branch office, and the name of the supervising broker for that branch office. The branch office license shall be maintained at the branch office location.
18VAC135-20-30. Qualifications for licensure.
Every applicant to the Real Estate Board for an individual salesperson's or broker's license shall have the following qualifications:
1. The applicant shall have a good reputation for honesty, truthfulness, and fair dealing, and be competent to transact the business of a real estate broker or a real estate salesperson in such a manner as to safeguard the interests of the public.
2. The applicant shall meet the current educational requirements by achieving a passing grade in all required courses of § 54.1-2105 of the Code of Virginia prior to the time the applicant sits for the licensing examination and applies for licensure.
3. The applicant shall be in good standing as a licensed real estate broker or salesperson in every jurisdiction where licensed and the applicant shall not have had a license as a real estate broker or real estate salesperson which was suspended, revoked or surrendered in connection with a disciplinary action or which has been the subject of discipline in any jurisdiction prior to applying for licensure in Virginia. The applicant shall be in compliance with all the terms of all board orders, including but not limited to paying imposed monetary penalties and costs, plus any accrued interest and other fees, and completing imposed education.
4. In accordance with § 54.1-204 of the Code of Virginia, each applicant shall submit to fingerprinting and shall disclose the following information:
a. All misdemeanor convictions involving moral turpitude, sexual offense, drug distribution or physical injury within five years of the date of the application; and
b. All felony convictions during his lifetime.
Any plea of nolo contendere shall be considered a conviction for purposes of this subsection. The record of a conviction received from a court shall be accepted as prima facie evidence of a conviction or finding of guilt. The board, in its discretion, may deny licensure to any applicant in accordance with § 54.1-204 of the Code of Virginia.
5. The applicant shall be at least 18 years old.
6. The applicant shall have a high school diploma or its equivalent.
7. The applicant, within 12 months prior to [ making
submitting a ] complete application for a license, shall have
passed a written examination provided by the board or by a testing service
acting on behalf of the board.
8. The applicant shall follow all procedures established with regard to conduct at the examination. Failure to comply with all procedures established with regard to conduct at the examination may be grounds for denial of application.
9. Applicants for licensure who do not meet the requirements set forth in subdivisions 3 and 4 of this section may be approved for licensure following consideration by the board.
18VAC135-20-40. Additional qualifications for brokers.
An applicant for an individual license as a real estate broker shall meet the following requirements in addition to those set forth in 18VAC135-20-30:
1. The applicant shall meet the current educational requirements of § 54.1-2105 of the Code of Virginia.
2. The applicant shall have been actively engaged as defined in 18VAC135-20-10 as a real estate salesperson for a period of 36 of the 48 months immediately preceding application. This requirement may be waived at the discretion of the board in accordance with § 54.1-2105 of the Code of Virginia.
3. The applicant's experience must be verified by the principal or supervising broker for whom the licensee worked at the time of obtaining that experience.
18VAC135-20-45. Additional qualifications for salesperson's or associate
broker's license as a business entity.
An applicant for a salesperson's license as a business entity shall meet the following requirements in addition to those set forth in 18VAC135-20-30:
1. Every owner or officer who actively participates in the real
estate business shall hold a license as a salesperson or associate
broker. The business entity license does not replace the individual license.
More than one licensee may be a participant of the business entity.
2. When one licensee is the owner or officer, the business entity shall be named in accordance with § 54.1-2106.1 C of the Code of Virginia.
3. The board will consider the application of any partnership, association, corporation or limited liability company only after the entity is authorized to do business in accordance with §§ 59.1-69 through 59.1-76 of the Code of Virginia.
18VAC135-20-55. [ Downgrade
Exchange ] to salesperson's license.
A broker who wants to [ downgrade
exchange ] his license(s) [ to for ]
that of a salesperson must submit a complete application with appropriate
fee. When [ downgrading exchanging ] the
license(s), the licensee agrees his current broker's license(s) ceases to
exist, and if he chooses to become licensed as a broker again, he must pass the
current broker examination and must meet the current education and experience
requirements in [ place effect ] at
the time of application.
18VAC135-20-60. Qualifications for licensure by reciprocity.
An individual who is currently licensed as a real estate salesperson or broker in another jurisdiction may obtain a Virginia real estate license by meeting the following requirements:
1. The applicant shall be at least 18 years of age.
2. The applicant shall have a high school diploma or its equivalent.
3. The applicant shall have received the salesperson's or broker's license by virtue of having passed in the jurisdiction of licensure a written examination deemed to be substantially equivalent to the Virginia examination.
4. The applicant shall sign a statement verifying that he has read and understands the provisions of this chapter and Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia.
5. The applicant, within 12 months prior to [ making
submitting ] a complete application for a license, shall have
passed a written examination provided by the board or by a testing service
acting on behalf of the board covering Virginia real estate license law and
regulations of the Real Estate Board.
6. The applicant shall follow all procedures established with regard to conduct at the examination. Failure to comply with all procedures established by the board with regard to conduct at the examination may be grounds for denial of application.
6. 7. The applicant shall be in good standing as
a licensed real estate broker or salesperson in every jurisdiction where
licensed and the applicant shall not have had a license as a real estate broker
or real estate salesperson which was suspended, revoked, or surrendered in
connection with a disciplinary action or which has been the subject of
discipline in any jurisdiction prior to applying for licensure in Virginia. The
applicant shall be in compliance with all the terms of all board orders,
including but not limited to paying imposed monetary penalties and costs, plus
any accrued interest and other fees, and completing imposed education.
7. 8. At the time of application for a
salesperson's license, the applicant must have been actively engaged as
defined by 18VAC135-20-10 for 12 of the preceding 36 months or have met
educational requirements that are substantially equivalent to those required in
Virginia. At the time of application for a broker's license, the applicant
must have met educational requirements that are substantially equivalent to
those required in Virginia, and the applicant must have been actively
engaged as defined by 18VAC135-20-10 for 36 of the preceding 48 months. The
broker applicant's experience must be verified by an individual who has direct
knowledge of the applicant's activities as defined in §§ 54.1-2100 and
54.1-2101 of the Code of Virginia. These requirements may be waived at the
discretion of the board in accordance with § 54.1-2105 of the Code of Virginia.
8. 9. The applicant shall have a good reputation
for honesty, truthfulness, and fair dealing, and be competent to transact the
business of a real estate salesperson or broker in such a manner as to
safeguard the interests of the public.
9. 10. In accordance with § 54.1-204 of the Code
of Virginia, each applicant shall submit to fingerprinting and shall
disclose the following information:
a. All misdemeanor convictions involving moral turpitude, sexual offense, drug distribution or physical injury within five years of the date of the application; and
b. All felony convictions during his lifetime.
Any plea of nolo contendere shall be considered a conviction for purposes of this subsection. The record of a conviction received from a court shall be accepted as prima facie evidence of a conviction or finding of guilt. The board, in its discretion, may deny licensure to any applicant in accordance with § 54.1-204 of the Code of Virginia.
10. 11. Applicants for licensure who do not meet
the requirements set forth in subdivisions 6 7 and 9 10
of this subsection section may be approved for licensure
following consideration by the board.
18VAC135-20-70. Activation or transfer of license.
A. Any inactive licensee may activate that license with a
licensed real estate firm or sole proprietorship by completing an activate form
prescribed by the board. [ A licensee who submits an activate
application to the board shall not conduct business with the real estate firm
or sole proprietorship set forth in the application until the application is
processed and the license is issued by the board. ] Continuing education
pursuant to § 54.1-2105 54.1-2105.03 of the Code of Virginia
shall be completed within two years prior to activation of a license when
the license has been inactive for more than 30 days. Any licensee who has
not been active with a licensed real estate firm or sole proprietorship for a
period of greater than three years shall be required to meet the existing
prelicense educational requirements.
B. Any licensee may transfer from one licensed real estate firm or sole proprietorship to another by completing and submitting to the board a transfer application and the fee as set forth in 18VAC135-20-80. [ The transfer application shall include the signature of the new principal broker or supervising broker with signature authority who will be responsible for the licensee's real estate activities and shall be effective upon the principal broker or supervising broker's execution of the transfer application. ]
[ C. A licensee who submits an activate application
to the board shall not conduct business with the real estate firm or sole
proprietorship set forth in the application until the application is processed
and the license is issued by the board. ]
18VAC135-20-80. Application fees.
A. All application fees for licenses are nonrefundable and the date of receipt by the board or its agent is the date that will be used to determine whether it is on time.
B. Application fees are as follows:
Salesperson by education and examination |
$150 |
Salesperson by reciprocity |
$150 |
Salesperson's or [ |
$190 |
Broker by education and examination |
$190 |
Broker by reciprocity |
$190 |
Broker concurrent license |
$140 |
Firm license |
$250 |
Branch office license |
$190 |
Transfer application |
$60 |
Activate application |
$60 |
C. The fee for examination or reexamination is subject to contracted
charges to the board by an outside vendor. These contracts are competitively
negotiated and bargained for in compliance with the Virginia Public Procurement
Act (§ 2.2-4300 et seq. of the Code of Virginia). Fees may be adjusted and
charged to the candidate in accordance with these contracts. The fee shall
not exceed $90 per candidate.
18VAC135-20-100. Qualification for renewal; continuing
education requirements. (Repealed.)
Effective until June 30, 2008, as a condition of renewal,
and pursuant to § 54.1-2105 of the Code of Virginia, all active brokers and salespersons,
resident or nonresident, except those called to active duty in the Armed Forces
of the United States, shall be required to satisfactorily complete a course or
courses of not less than a total of 16 classroom, correspondence, or other
distance learning instruction hours during each licensing term, except for
salespersons who are renewing for the first time and are required to complete
30 hours of postlicense education regardless of whether his license is active
or inactive. Active licensees called to active duty in the Armed Forces of the
United States may complete these courses within six months of their release
from active duty. Inactive brokers and salespersons are not required to
complete the continuing education course as a condition of renewal (see
18VAC135-20-70, Activation of license).
1. Providers shall be those as defined in 18VAC135-20-350.
2. Eight of the 16 required hours shall include two hours of
training in fair housing laws, and a minimum of one hour each in state real
estate laws and regulations, ethics and standards of conduct, agency and
contracts for brokers. Eight of the 16 required hours shall include two hours
of training in fair housing laws, three hours in ethics and standards of
conduct and a minimum of one hour each in state real estate laws and
regulations, agency, and contracts for salespersons. If the licensee submits a
notarized affidavit to the board which certifies that he does not practice
residential real estate brokerage, residential management or residential leasing
and shall not do so during the licensing term, training in fair housing shall
not be required; instead such licensee shall receive training in other
applicable federal and state discrimination laws and regulations. The remaining
hours shall be on subjects from the following list:
a. Property rights;
b. Contracts;
c. Deeds;
d. Mortgages and deeds of trust;
e. Types of mortgages;
f. Leases;
g. Liens;
h. Real property and title insurance;
i. Investment;
j. Taxes in real estate;
k. Real estate financing;
l. Brokerage and agency contract responsibilities;
m. Real property management;
n. Search, examination and registration of title;
o. Title closing;
p. Appraisal of real property;
q. Planning subdivision developments and condominiums;
r. Regulatory statutes;
s. Housing legislation;
t. Fair housing;
u. Real Estate Board regulations;
v. Land use;
w. Business law;
x. Real estate economics;
y. Real estate investments;
z. Federal real estate law;
aa. Commercial real estate;
bb. Americans With Disabilities Act;
cc. Environmental issues impacting real estate;
dd. Building codes and design;
ee. Local laws and zoning;
ff. Escrow requirements;
gg. Ethics and standards of conduct; and
hh. Common interest ownership.
3. Licensees holding licenses in other jurisdictions must
complete eight hours, which shall include fair housing laws, state real estate
laws and regulations, ethics and standards of conduct, agency and contracts and
may substitute education completed in their jurisdiction for the remaining
hours required by subdivision 2 of this subsection.
4. The board may approve additional subjects at its
discretion and in accordance with § 54.1-2105 of the Code of Virginia.
5. Credit for continuing education course completion is
given for each class hour/clock hour as defined in 18VAC135-20-350.
6. Licensees are responsible for retaining for three years
and providing proof of continuing education. Proof of course completion shall
be made on a form prescribed by the board. Failure to provide documentation of
completion as directed by the board will result in the license not being
renewed and/or disciplinary action pursuant to this chapter.
7. Instructors who are also licensees of the board may earn
continuing education credit for teaching continuing education courses.
18VAC135-20-101. Qualification for renewal; continuing education requirements.
Effective July 1, 2008, as As a condition of
renewal, and pursuant to § 54.1-2105 54.1-2105.03 of the Code of Virginia,
all active salespersons, resident or nonresident, except those called to active
duty in the Armed Forces of the United States, shall be required to
satisfactorily complete a course or courses of not less than a total of 16
classroom, correspondence, or other distance learning instruction hours during
each licensing term, except for salespersons who are renewing for the first
time and are required to complete 30 hours of post-license education regardless
of whether his license is active or inactive. All active brokers, resident or
nonresident, except those called to active duty in the Armed Forces of the
United States, shall be required to satisfactorily complete a course or courses
of not less than a total of 24 classroom, correspondence, or other distance
learning instruction hours during each licensing term. Active licensees called
to active duty in the Armed Forces of the United States may complete these
courses within six months of their release from active duty. Inactive brokers
and salespersons are not required to complete the continuing education course
as a condition of renewal (see 18VAC135-20-70, Activation of license).
1. Providers shall be those as defined in 18VAC135-20-350;
2. [ For Effective until January 1, 2016, for ]
salespersons, eight of the required 16 hours shall include two hours of
training in fair housing laws, three hours in ethics and standards of
conduct and a minimum of one hour each in state real estate laws and
regulations legal updates and emerging trends, real estate agency
and real estate contracts. For brokers, 16 of the 24 required hours
shall include eight hours in supervision and management of real estate agents
and the management of real estate brokerage firms, two hours of training
in fair housing laws, three hours in ethics and standards of conduct and a
minimum of one hour each in state real estate laws and regulations legal
updates and emerging trends, real estate agency and real estate
contracts. [ Effective January 1, 2016, for salespersons, eight of
the required 16 hours shall include two hours in fair housing laws, three hours
in ethics and standards of conduct, and a minimum of one hour each in legal
updates and emerging trends, to include flood zone areas and the National Flood
Insurance Program, real estate agency and real estate contracts. For brokers,
16 of the 24 required hours shall include eight hours in supervision and
management of real estate agents and the management of real estate brokerage
firms, two hours in fair housing laws, three hours in ethics and standards of
conduct, and a minimum of one hour each in legal updates and emerging trends,
to include flood zone areas and the National Flood Insurance Program, real
estate agency and real estate contracts. ] If the licensee submits a
notarized affidavit to the board that certifies that he does not practice
residential real estate brokerage, residential management or residential
leasing and shall not do so during the licensing term, training in fair housing
shall not be required; instead such licensee shall receive training in other
applicable federal and state discrimination laws and regulations. The remaining
hours shall be on subjects from the following list:
a. Property rights;
b. Contracts;
c. Deeds;
d. Mortgages and deeds of trust;
e. Types of mortgages;
f. Leases;
g. Liens;
h. Real property and title insurance;
i. Investment;
j. Taxes in real estate;
k. Real estate financing;
l. Brokerage and agency contract responsibilities;
m. Real property management;
n. Search, examination and registration of title;
o. Title closing;
p. Appraisal of real property;
q. Planning subdivision developments and condominiums;
r. Regulatory statutes;
s. Housing legislation;
t. Fair housing;
u. Real Estate Board regulations;
v. Land use;
w. Business law;
x. Real estate economics;
y. Real estate investments;
z. Federal real estate law;
aa. Commercial real estate;
bb. Americans With Disabilities Act;
cc. Environmental issues impacting real estate;
dd. Building codes and design;
ee. Local laws and zoning;
ff. Escrow requirements;
gg. Ethics and standards of conduct; and
hh. Common interest ownership.
3. [ Salespersons Effective until January 1,
2016, salespersons ] holding licenses in other jurisdictions must
complete eight hours, which shall include fair housing laws, state real
estate laws and regulations legal updates and emerging trends,
ethics and standards of conduct, and real estate agency and real
estate contracts and may substitute education completed in their
jurisdiction for the remaining hours required by subdivision 2 of this subsection
section. Brokers holding licenses in other jurisdictions must complete
16 hours that shall include supervision and management of real estate agents
and the management of real estate brokerage firms, fair housing laws, state
real estate laws and regulations legal updates and emerging trends,
ethics and standards of conduct, and real estate agency and real
estate contracts and may substitute education completed in their
jurisdiction for the remaining hours required by subdivision 2 of this subsection
section. [ Effective January 1, 2016, salespersons holding
licenses in other jurisdictions must complete eight hours, which shall include
fair housing laws, legal updates and emerging trends, to include flood zone
areas and the National Flood Insurance Program, ethics and standards of
conduct, and real estate agency and real estate contracts and may substitute
education completed in their jurisdiction for the remaining hours required by
subdivision 2 of this section. Brokers holding licenses in other jurisdictions
must complete 16 hours that shall include supervision and management of real
estate agents and the management of real estate brokerage firms, fair housing
laws, legal updates and emerging trends, to include flood zone areas and the
National Flood Insurance Program, ethics and standards of conduct, and real
estate agency and real estate contracts and may substitute education completed
in their jurisdiction for the remaining hours required by subdivision 2 of this
section. ]
4. The board may approve additional subjects at its discretion
and in accordance with § 54.1-2105 54.1-2105.03 of the Code of
Virginia.
5. Credit for continuing education course completion is given for each class hour/clock hour as defined in 18VAC135-20-350.
6. Licensees are responsible for retaining for three years and providing proof of continuing education. Proof of course completion shall be made on a form prescribed by the board. Failure to provide documentation of completion as directed by the board will result in the license not being renewed and/or disciplinary action pursuant to this chapter.
7. Instructors who are also licensees of the board may earn continuing education credit for teaching continuing education courses.
8. Any continuing education credits completed by the licensee in excess of that required in the current license term that are obtained in the six months immediately prior to the license expiration date shall carry over into the next two-year renewal period.
18VAC135-20-105. Additional qualifications for renewal of a
reciprocal license. (Repealed.)
In addition to the requirements set forth in
18VAC135-20-100, all licensees, including those licensees who upgrade to broker
prior to renewal, who obtained their license by reciprocity in accordance with
18VAC135-20-60 must pass a written examination provided by the board or a
testing service acting on behalf of the board covering Virginia real estate
license law and regulations of the Real Estate Board.
18VAC135-20-120. Fees for renewal.
A. All fees for renewals are nonrefundable, and the date of receipt by the board or its agent is the date that will be used to determine whether it is on time.
B. Renewal fees are as follows:
|
Salesperson |
$65 |
|
Salesperson's or |
$90 |
|
Broker |
$80 |
|
Concurrent broker |
$80 |
|
Firm |
$160 |
|
Branch office |
$90 |
Part IV
Reinstatement
18VAC135-20-140. Failure to renew; reinstatement required.
A. All applicants for reinstatement must meet all requirements
set forth in 18VAC135-20-100 18VAC135-20-101. Applicants for
reinstatement of an active who want to activate their license
must have completed the continuing education requirement in order to reinstate and
activate the license. Applicants for reinstatement of an inactive license
are not required to complete the continuing education requirement for license
reinstatement.
B. If the requirements for renewal of a license, including receipt of the fee by the board, are not completed by the licensee within 30 days of the expiration date noted on the license, a reinstatement fee is required as follows:
|
Salesperson |
$100 |
|
Salesperson's or |
$135 |
|
Broker |
$120 |
|
Concurrent Broker |
$120 |
|
Firm |
$245 |
|
Branch Office |
$135 |
C. A license may be reinstated for up to one year following the expiration date with payment of the reinstatement fee. After one year, the license may not be reinstated under any circumstances and the applicant must meet all current educational and examination requirements and apply as a new applicant.
D. [ A licensee may not perform activities defined in §§ 54.1-2100 and 54.1-2101 of the Code of Virginia with an expired license. ] Any real estate activity conducted subsequent to the expiration date may constitute unlicensed activity and be subject to prosecution under Chapter 1 (§ 54.1-100 et seq.) of Title 54.1 of the Code of Virginia.
Part V
Standards of Practice and Conduct
18VAC135-20-155. Grounds for disciplinary action.
The board has the power to fine any licensee [ or
certificate holder ] and to suspend or revoke any license [ or
certificate ] issued under the provisions of Chapter 21 (§ 54.1-2100
et seq.) of Title 54.1 of the Code of Virginia and this chapter in
accordance with subdivision A 7 of § 54.1-201 and § 54.1-202 of the Code
of Virginia and the provisions of the Administrative Process Act, Chapter 40
(§ 2.2-4000 et seq.) of Title 2.2 of the Code of Virginia, where the
licensee [ or certificate holder ] has been found to have
violated or cooperated with others in violating any provision of Chapter
Chapters 1 (§ 54.1-100 et seq.), 2 (§ 54.1-200 et seq.), 3 (§ 54.1-300 et
seq.), and 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia,
Chapter 1.3 27.3 (§ 6.1-2.19 55-525.16 et seq.) of
Title 6.1 55 of the Code of Virginia, or any regulation of the
board. Any licensee failing to comply with the provisions of Chapter 21 (§
54.1-2100 et seq.) of Title 54.1 of the Code of Virginia or the regulations of
the Real Estate Board in performing any acts covered by §§ 54.1-2100 and
54.1-2101 of the Code of Virginia may be charged with improper dealings a
violation, regardless of whether those acts are in the licensee's personal
capacity or in his capacity as a real estate licensee.
18VAC135-20-160. Place of business.
A. Within the meaning and intent of § 54.1-2110 of the Code of Virginia, a place of business shall be an office where:
1. The principal broker, either through his own efforts or through the efforts of his employees or associates, regularly transacts the business of a real estate broker as defined in § 54.1-2100 of the Code of Virginia; and
2. The principal broker and his employees or associates can receive business calls and direct business calls to be made.
B. No place of business shall be in a [ physical ]
residence unless it is separate and distinct from the living quarters of the
residence with its own entrance and is accessible by the
public.
C. Every principal broker shall have readily available to the public in the main place of business the firm license, the principal broker license and the license of every salesperson and broker active with the firm. The branch office license and a roster of every salesperson or broker assigned to the branch office shall be posted in a conspicuous place in each branch office.
18VAC135-20-165. Duties of supervising broker.
D. Each place of business and each branch office shall
be supervised by a supervising broker. The supervising broker shall exercise
reasonable and adequate supervision of the provision of real estate brokerage
services by associate brokers and salespersons assigned to the branch office.
The supervising broker may designate another broker to assist in administering
the provisions of this subsection section. The supervising broker
does not relinquish overall responsibility for the supervision of the acts of
all licensees assigned to the branch office. Factors to be considered in
determining whether the supervision is reasonable and adequate include but are
not limited to the following:
1. The availability of the supervising broker to all licensees under the supervision of the broker to review and approve all documents, including but not limited to leases, contracts affecting the firm's clients, brokerage agreements, and advertising;
2. The availability of training and written procedures and
policies which that provide, without limitation, clear guidance
in the following areas:
a. Proper handling of escrow deposits;
b. Compliance with federal and state fair housing laws and regulations if the firm engages in residential brokerage, residential leasing, or residential property management;
c. Advertising;
d. Negotiating and drafting of contracts, leases, and brokerage agreements;
e. Use of unlicensed individuals;
f. Agency [ or independent contractor ] relationships;
g. Distribution of information on new or changed statutory or regulatory requirements;
h. Disclosure of matters relating to the condition of the
property.; and
i. Such other matters as necessary to assure the competence of licensees to comply with this chapter and Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia.
3. The availability of the supervising broker in a timely manner to supervise the management of the brokerage services;
4. The supervising broker ensures the brokerage services are carried out competently and in accordance with the provisions of this chapter and Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia;
5. The supervising broker undertakes reasonable steps to ensure
compliance by all licensees assigned to the branch office;, including
but not limited to ensuring the licensees have an active, current license
[ :; ]
6. The supervising broker [ ensures
undertakes reasonable steps to ensure ] only licensees undertake
activities requiring a license, including but are not limited to:
a. Show property;
b. Hold an open house;
c. Answer questions on listings, title, financing, closing, contracts, brokerage agreements, and legal documents;
d. Discuss, explain, interpret, or negotiate a contract, listing, lease agreement, or property management agreement with anyone outside the firm; and
e. Negotiate or agree to any commission, commission split, management fee, or referral fee.
7. [ A The ] supervising
broker shall provide adequate supervision over the unlicensed employee(s) or
assistants under the supervision of a broker as they perform the following
permitted activities:
a. Perform general clerical duties, including answering the
phones [ , responding by electronic media, ] and [ reading
providing ] information shown on the listing;
b. Submit listings and changes to MLS;
c. Follow up on loan commitments after contracts have been ratified;
d. Have keys made for listings;
e. Compute commission checks;
f. Place signs on properties;
g. Act as a courier service;
h. Schedule appointments;
i. Record and deposit earnest money deposits, security deposits, and advance rents;
j. Prepare contract forms for approval of the licensee and supervising broker;
k. Prepare promotional materials and advertisements for approval of the licensee and supervising broker;
l. Assemble closing documents;
m. Obtain required public information from governmental entities;
n. Monitor license and personnel files;
o. Order routine repairs as directed by licensee;
p. Are compensated for their work at a predetermined rate that is not contingent upon the occurrence of a real estate transaction; and
q. Perform any other activities undertaken in the regular course of business for which a license is not required.
6. 8. If a supervising broker is located more
than 50 miles from the place of business or the branch office and there
are licensees who regularly conduct business assigned to the branch office or
at the place of business, the supervising broker must certify in writing on
a quarterly basis on a form provided by the board that the supervising broker
complied with the requirements in of this subsection section;
and
7. 9. The supervising broker must maintain the
records required in this subsection section for three years. The
records must be furnished to the board's agent upon request.
18VAC135-20-170. Maintenance of licenses.
A. Name and address.
1. Salespersons and individual brokers shall at all times keep the board informed of their current name and home address. Changes of name and address must be reported to the board in writing within 30 calendar days of such change. The board shall not be responsible for the licensee's failure to receive notices, communications and correspondence caused by the licensee's failure to promptly notify the board of any change of address. A licensee may use a professional name other than a legal name if that professional name is filed with the board prior to its use. The professional name shall include the licensee's first or last name and shall not include any titles.
2. Salespersons and brokers shall be issued a license only to the place of business of the sole proprietorship or firm with which the salesperson or broker is active.
3. Principal brokers must at all times keep the board informed of their current firm and branch office name and addresses and changes of name and address must be reported to the board in writing within 30 calendar days of such change. A physical address is required. A post office box will not be accepted.
B. Discharge or termination of active status.
1. When any salesperson or broker is discharged or in any way
terminates his active status with a sole proprietorship or firm, it shall be
the duty of the sole proprietor or principal broker to return the license by
certified mail to the board so that it is received within 10 calendar days
of the date of termination or [ being notified of the ] status
change. The sole proprietor or principal broker shall indicate on the license
the date of termination, and shall sign the license before returning it.
2. When any principal broker is discharged or in any way
terminates his active status with a firm, it shall be the duty of the firm to
notify the board and return the license by certified mail to the board
within three business days of termination or [ being notified of the ]
status change. The firm shall indicate on the license the date of termination,
and shall sign the license before returning it. See § 54.1-2109 of the Code of
Virginia for termination relating to the death or disability of the principal
broker.
18VAC135-20-180. Maintenance and management of escrow accounts.
A. Maintenance of escrow accounts.
1. If money is to be held in escrow, each firm or sole
proprietorship shall maintain in the name by which it is licensed one or more
federally insured separate escrow accounts in a federally insured depository in
Virginia into which all down payments, earnest money deposits, money
received upon final settlement, [ application deposits as defined by §
55-248.4 of the Code of Virginia, ] rental payments, rental security
deposits, money advanced by a buyer or seller for the payment of expenses in
connection with the closing of real estate transactions, money advanced by the
broker's client or expended on behalf of the client, or other escrow funds
received by him or his associates on behalf of his client or any other person
shall be deposited unless all principals to the transaction have agreed
otherwise in writing. The balance in the escrow accounts shall be sufficient at
all times to account for all funds that are designated to be held by the firm
or sole proprietorship. The principal broker shall be held responsible for
these accounts, including having signatory authority on these accounts.
The supervising broker and any other licensee with escrow account authority may
be held responsible for these accounts. All such accounts, checks and bank
statements shall be labeled "escrow" and the account(s) shall be
designated as "escrow" accounts with the financial institution where
such accounts are established.
2. Funds to be deposited in the escrow account may include moneys which shall ultimately belong to the licensee, but such moneys shall be separately identified in the escrow account records and shall be paid to the firm by a check drawn on the escrow account when the funds become due to the licensee. Funds in an escrow account shall not be paid directly to the licensees of the firm. The fact that an escrow account contains money which may ultimately belong to the licensee does not constitute "commingling of funds" as set forth by subdivision C 2 of this section, provided that there are periodic withdrawals of said funds at intervals of not more than six months, and that the licensee can at all times accurately identify the total funds in that account which belong to the licensee and the firm.
3. If escrow funds are used to purchase a certificate of deposit, the pledging or hypothecation of such certificate, or the absence of the original certificate from the direct control of the principal or supervising broker, shall constitute commingling as prohibited by subdivision C 2 of this section.
[ 4. Lease transactions: application deposits. Any application deposit as defined by § 55-248.4 of the Code of Virginia paid by a prospective tenant for the purpose of being considered as a tenant for a dwelling unit to a licensee acting on behalf of a landlord client shall be placed in escrow by the end of the fifth business banking day following approval of the rental application by the landlord unless all principals to the lease transaction have agreed otherwise in writing. ]
B. Disbursement of funds from escrow accounts.
1. a. Purchase transactions. Upon the ratification of a
contract, earnest money deposits and down payments received by the principal
broker or supervising broker or his associates must be placed in an escrow
account by the end of the fifth business banking day following ratification,
unless otherwise agreed to in writing by the parties principals
to the transaction, and shall remain in that account until the transaction has
been consummated or terminated. In the event the transaction is not consummated
(nonconsummation), the principal broker or supervising broker shall hold such
funds in escrow until (i) all principals to the transaction have agreed in
writing as to their disposition, and the [ money
funds ] shall be returned to the agreed upon principal within [ 30
20 ] days of the agreement, or (ii) a court of competent
jurisdiction orders such disbursement of the funds, or (iii) the funds are
successfully interpleaded into a court of competent jurisdiction pursuant to
this section, or (iv) the broker can pay the funds to the principal to the
transaction who is entitled to receive them in accordance with the clear and
explicit terms of the contract which established the deposit. In the latter
event, prior to disbursement, the broker shall give written notice to the
principal to the transaction not to receive the deposit by either (i) hand
delivery receipted for by the addressee, or (ii) by certified mail return
receipt requested, with a copy to the other party, that this payment will be
made unless a written protest from that principal to the transaction is
received by the broker within 30 days of the hand delivery or mailing, as
appropriate, of that notice. If the notice is sent within 90 days of the date
of nonconsummation, the broker may send the notice by receiptable email or
facsimile if such email address or facsimile information is set forth in the
contract or otherwise provided by the recipient. In all events, the broker may
send the notice to the notice address, if any, set forth in the contract. If
the contract does not contain a notice address and the broker does not have
another address for the recipient of the notice, the broker may send it to the
last known address of the recipient. No broker shall be required to make a
determination as to the party entitled to receive the earnest money deposit.
The broker shall not be deemed to violate any obligation to any client by
virtue of making such a determination. A broker who has carried out the above
procedure shall be construed to have fulfilled the requirements of this
chapter.
A principal broker or supervising broker holding escrow funds for a principal to the transaction may seek to have a court of competent jurisdiction take custody of disputed or unclaimed escrow funds via an interpleader action pursuant to § 16.1-77 of the Code of Virginia.
If a principal broker or supervising broker is holding escrow funds for the owner of real property and such property is foreclosed upon by a lender, the principal broker or supervising broker shall have the right to file an interpleader action pursuant to § 16.1-77 of the Code of Virginia.
If there is in effect at the date of the foreclosure sale a real estate purchase contract to buy the property foreclosed upon and the real estate purchase contract provides that the earnest money deposit held in escrow by a firm or sole proprietorship shall be paid to a principal to the contract in the event of a termination of the real estate purchase contract, the foreclosure shall be deemed a termination of the real estate purchase contract, and the principal broker or supervising broker may, absent any default on the part of the purchaser, disburse the earnest money deposit to the purchaser pursuant to such provisions of the real estate purchase contract without further consent from, or notice to, the principals.
b. Lease transactions: security deposits. Any security deposit held by a firm or sole proprietorship shall be placed in an escrow account by the end of the fifth business banking day following receipt, unless otherwise agreed to in writing by the principals to the transaction. Each such security deposit shall be treated in accordance with the security deposit provisions of the Virginia Residential Landlord and Tenant Act, Chapter 13.2 (§ 55-248.2 et seq.) of Title 55 of the Code of Virginia, unless exempted therefrom, in which case the terms of the lease or other applicable law shall control. Notwithstanding anything in this section to the contrary, unless the landlord has otherwise become entitled to receive the security deposit or a portion thereof, the security deposit shall not be removed from an escrow account required by the lease without the written consent of the tenant. If there is in effect at the date of the foreclosure sale a tenant in a residential dwelling unit foreclosed upon and the landlord is holding a security deposit of the tenant, the landlord shall handle the security deposit in accordance with applicable law, which requires the holder of the landlord's interest in the dwelling unit at the time of termination of tenancy to return any security deposit and any accrued interest that is duly owed to the tenant, whether or not such security deposit is transferred with the landlord's interest by law or equity, and regardless of any contractual agreements between the original landlord and his successors in interest. Nothing herein shall be construed to prevent the landlord from making lawful deductions from the security deposit in accordance with applicable law.
c. Lease transactions: [ rents prepaid rent ]
or escrow fund advances. Unless otherwise agreed in writing by all principals
to the transaction, all [ rents prepaid rent ] and
other money paid to the licensee in connection with the lease shall be placed
in an escrow account by the end of the fifth business banking day following
receipt [ , unless otherwise agreed to in writing by the principals to
the transaction, ] and remain in that account until paid in accordance
with the terms of the lease and the property management agreement, as
applicable [ , except the prepaid rent, which shall be treated in
accordance with the prepaid rent provision of the Virginia Residential Landlord
and Tenant Act, Chapter 13.2 (§ 55-248.2 et seq.) of Title 55 of the Code of
Virginia. ]
2. a. Purchase transactions. Unless otherwise agreed in writing by all principals to the transaction, a licensee shall not be entitled to any part of the earnest money deposit or to any other money paid to the licensee in connection with any real estate transaction as part of the licensee's commission until the transaction has been consummated.
b. Lease transactions. Unless otherwise agreed in writing by the principals to the lease or property management agreement, as applicable, a licensee shall not be entitled to any part of the security deposit or to any other money paid to the licensee in connection with any real estate lease as part of the licensee's commission except in accordance with the terms of the lease or the property management agreement, as applicable. Notwithstanding anything in this section to the contrary, unless the landlord has otherwise become entitled to receive the security deposit or a portion thereof, the security deposit shall not be removed from an escrow account required by the lease without the written consent of the tenant.
3. On funds placed in an account bearing interest, written disclosure in the contract of sale or lease at the time of contract or lease writing shall be made to the principals to the transaction regarding the disbursement of interest.
4. A licensee shall not disburse or cause to be disbursed moneys from an escrow or property management escrow account unless sufficient money is on deposit in that account to the credit of the individual client or property involved.
5. Unless otherwise agreed in writing by all principals to the transaction, expenses incidental to closing a transaction, e.g., fees for appraisal, insurance, credit report, etc., shall not be deducted from a deposit or down payment.
C. Actions including improper maintenance of escrow funds include:
1. Accepting any note, nonnegotiable instrument, or anything of value not readily negotiable, as a deposit on a contract, offer to purchase, or lease, without acknowledging its acceptance in the agreement;
2. Commingling the funds of any person by a principal or supervising broker or his employees or associates or any licensee with his own funds, or those of his corporation, firm, or association;
3. Failure to deposit escrow funds in an account or accounts designated to receive only such funds as required by subdivision A 1 of this section;
4. Failure to have sufficient balances in an escrow account or accounts at all times for all funds that are designated to be held by the firm or sole proprietorship as required by this chapter; and
5. Failing, as principal broker, to report to the board within three business days instances where the principal broker reasonably believes the improper conduct of a licensee, independent contractor, or employee has caused noncompliance with this section.
18VAC135-20-185. Maintenance and management of financial records.
A. A complete record of financial transactions conducted under authority of the principal broker's Virginia license shall be maintained in the principal broker's place of business, or in a designated branch office. When the principal broker's office is located outside of Virginia and the firm has a branch office in Virginia, a copy of these records shall be maintained in the Virginia office. These records shall show, in addition to any other requirements of the regulations, the following information: from whom money was received; the date of receipt; the place of deposit; the date of deposit; and, after the transaction has been completed, the final disposition of the funds.
B. The principal broker shall maintain a bookkeeping or recordkeeping system which shall accurately and clearly disclose full compliance with the requirements outlined in this section. Accounting records which are in sufficient detail to provide necessary information to determine such compliance shall be maintained.
C. Actions constituting improper recordkeeping by a principal broker or supervising broker include:
1. Failing, as a principal or supervising broker, to
retain for a period of three years from the date of the closing or
ratification, if the transaction fails to close, a complete and legible copy of
each disclosure of a brokerage relationship, and each executed contract,
agreement, and closing statement related to a real estate transaction, in the
broker's control or possession, unless prohibited by law execution, each
brokerage agreement, [ each disclosure of a brokerage
relationship to an unrepresented party, ] each disclosure and
consent to dual agency or dual representation, and each disclosure and consent
to designated agency or designated representation [ . Each
disclosure of a brokerage relationship to an unrepresented party shall be
retained for three years from the date provided to the party ];
2. Having received moneys on behalf of others and failed to
maintain Failing to retain for a period of three years from the date of
closing or from ratification, if the transaction fails to close, a complete and
legible copy of each executed contract of sale, any executed release from
contract, any executed lease agreement, any executed property management
agreement, and each settlement statement related to a real estate transaction,
in the broker's control or possession unless prohibited by law;
3. Failing to maintain a complete and accurate record of such receipts and their disbursements for moneys received on behalf of others for a period of three years from the date of the closing or termination of the sales transaction or termination of a lease or conclusion of the licensee's involvement in the lease; and
3. 4. Failing, within a reasonable time, to
account for or to remit any moneys coming into a licensee's possession which
belong to others to maintain any records required by this section for
three years.
18VAC135-20-190. Advertising by licensees.
A. Definitions. The following definitions apply unless a different meaning is plainly required by the context:
"Advertising" means all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity.
"Contact information" means telephone number or web address.
"Disclosure" in the context of online electronic
media advertising means (i) advertising [ by the firm ]
that contains the firm's licensed name, the city and state in which the
firm's main office is located and the jurisdiction in which the firm holds a
license [ and the city and state in which the firm's main office or
branch office is located ] or (ii) advertising [ by an
affiliated licensee ] that contains the licensee licensee's
name [ , and ] the name of the firm with which the
licensee is active [ , and ] the city and state in which the licensee's
office is located and the jurisdiction in which the licensee holds a license
[ place of business is located, ] and [ is
this disclosure shall be viewable on the main page or no more than ] one
click away from the main page. "Disclosure" in the context of
[ all ] other advertising means (a) (i)
advertising by the firm that contains the firm's licensed name and the
firm's address or (b) (ii) advertising by an affiliated
licensee that contains the licensee's name, and the name of the
firm with which the licensee is active and the firm's address.
"Institutional advertising" means advertising in
which no real property is identified.
"Viewable page" means a page that may or may not scroll beyond the borders of the screen and includes the use of framed pages.
B. All advertising must be under the direct supervision of the principal broker or supervising broker, in the name of the firm and, when applicable, comply with the disclosure required by § 54.1-2138.1 of the Code of Virginia. The firm's licensed name must be clearly and legibly displayed on all advertising.
C. Online Electronic media advertising.
1. Any online electronic media advertising
undertaken for the purpose of any licensed activity is subject to the
provisions of this chapter.
2. All online electronic media advertising that
can be viewed or experienced as a separate unit (i.e., e-mail email
messages and web pages) must contain disclosure [ as follows: a. The
web. If a firm or licensee owns a webpage or controls its content, the viewable
page must include disclosure or a link to disclosure that shall be
viewable on the main page or is no more than one click away from the main page ].
b . E-mail, newsgroups, discussion lists, bulletin boards.
All such formats shall include disclosure at the beginning or end of each
message. The provisions of this subsection do not apply to correspondence in
the ordinary course of business [ All other electronic media.
Firm's name, licensee's name and license number, and contact information. The
disclosure must be prominently displayed on the viewable page. ]
c. Instant messages. Disclosure is not necessary in this
format if the firm or licensee provided the disclosures via another format
prior to providing, or offering to provide, licensed services.
d. Chat/Internet-based dialogue. Disclosure is required
prior to providing, or offering to provide, licensable services during the chat
session, or in text visible on the same webpage that contains the chat session
if the licensee controls the website hosting the chat session.
e. Voice Over Net (VON). Disclosure is required prior to
advertising or the disclosure text must be visible on the same webpage that
contains the VON session.
f. Banner ads. A link to disclosure is required unless the
banner ad contains the disclosure.
3. All online electronic media listings
advertised must be kept current and consistent as follows:
a. Online Electronic media listing information
must be consistent with the property description and actual status of the
listing. The licensee shall update in a timely manner material changes to the
listing status authorized by the seller or property description when the
licensee controls the online electronic media site.
b. The licensee shall make timely written requests for updates
reflecting material changes to the listing status or property descriptions when
a third party online electronic media listing service controls
the website displaying the listing information.
c. All listing information shall indicate in a readily visible
manner the date that the listing information shown was last updated.
D. Other advertising.
1. [ Signage For sale and for
lease signs placed on the property ] shall include but not be
limited to the firm's name and the firm's primary or branch office telephone
number.
2. Business cards shall include but not be limited to the licensee's name, the firm name, and contact information.
D. E. The following activities shall be
prohibited:
1. Implying that property listed by a licensee's firm and advertised by the firm or licensee is for sale, exchange, rent or lease by the owner or by an unlicensed person;
2. Failing to include a notice in all advertising that the
owner is a real estate licensee if the licensee owns or has any ownership
interest in the property advertised and is not using the services of a
licensed real estate entity;
3. Failing to include the firm's licensed name on any sign displayed outside each place of business;
4. Failing to obtain the written consent of the seller, landlord, optionor or licensor prior to advertising a specific identifiable property; and
5. Failing to identify the type of services offered when advertising by general description a property not listed by the party making the advertisement.
18VAC135-20-210. Disclosure of interest.
If a licensee knows or should have known that he, any member
of his family, his firm, any member of his firm, or any entity in which he has
an ownership interest, is acquiring or attempting to acquire or is selling or
leasing real property through purchase, sale, or lease and the licensee
is a party to the transaction, the licensee must disclose in writing
that information he is a licensee and that he, any member of his
family, his firm, any member of his firm, or any entity in which he has an
ownership interest has or will have an ownership interest to the owner,
purchaser or lessee in writing in the offer to purchase, the application, the
offer to lease or lease other parties to the transaction. This
disclosure shall be made to the purchaser, seller [ , lessor, ]
or lessee upon having substantive discussions about specific real property.
18VAC135-20-220. Disclosure of brokerage relationships.
A. Purchase transactions.
1. Unless disclosure has been previously made by a licensee, a
licensee shall disclose to an actual or prospective buyer or seller who is not
the client of the licensee and who is not represented by another licensee and
with whom the licensee has substantive discussions about a specific property or
properties, the person whom the licensee represents in pursuant to
a brokerage relationship agreement, as that term is defined in §
54.1-2130 of the Code of Virginia.
2. Except as otherwise provided in subdivision 3 of this subsection, such disclosure shall be made in writing at the earliest practical time, but in no event later than the time specific real estate assistance is first provided. Any disclosure complying with the provisions of § 54.1-2138 A of the Code of Virginia shall be deemed in compliance with this disclosure requirement.
3. A licensee acting as a dual or designated agent or as a dual or designated representative shall obtain the written consent of all clients to the transaction at the earliest practical time. Such consent shall be presumed to have been given by a client who signs a disclosure complying with the provisions of §§ 54.1-2139 [ , 54.1-2139.01, ] and 54.1-2139.1 of the Code of Virginia. Such disclosure shall be given to, and consent obtained from, (i) the buyer not later than the time an offer to purchase is presented to the licensee who will present the offer to the listing agent or seller, and (ii) the seller not later than the time the offer to purchase is presented to the seller.
4. Any disclosure required by this subsection may be given in combination with other disclosures or information, but, if so, the disclosure must be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box or as otherwise provided by § 54.1-2138 of the Code of Virginia.
B. Lease transactions.
1. Unless disclosure has been previously made by a licensee, a licensee shall disclose to an actual or prospective landlord or tenant who is not the client of the licensee and who is not represented by another licensee, that the licensee has a brokerage relationship with another party or parties to the transaction. Such disclosure shall be in writing and included in the application for lease or the lease itself, whichever occurs first. If the terms of the lease do not provide for such disclosure, the disclosure shall be made in writing not later than the signing of the lease.
2. This disclosure requirement shall not apply to lessors or lessees in single or multi-family residential units for lease terms of less than two months.
18VAC135-20-225. [ Voluntary compliance
Audits ].
A. Procedures for [ voluntary compliance, ] self audit, or third-party audit; broker immunity.
1. A principal broker or supervising broker may conduct, or may
have another person conduct, an audit of the practices, policies, and
procedures of his firm or sole proprietorship in accordance with
§ 54.1-2111.1 of the Code of Virginia. [ A principal broker
or supervising broker shall conduct an audit at least once during each license
term in accordance with § 54.1-2106.2 of the Code of Virginia. ]
The methods and findings of the audit shall be documented as described in
this subsection.
2. A principal broker or supervising broker shall notify the board in writing within 30 days following the conclusion of a self audit, or within 30 days from the receipt of the final report of a third-party audit, of any matter he believes to constitute noncompliance with the provisions of Real Estate Board regulations or law. The principal broker or supervising broker shall also submit (i) a statement that such noncompliance has been remediated or (ii) a plan to correct such noncompliance within 90 days. Failure to comply with these requirements may result in loss of immunity from regulatory enforcement action.
3. A principal broker or supervising broker shall sign and date any report made pursuant to subdivision 2 of this subsection. Such report, properly submitted, shall provide immunity from enforcement against the principal broker or supervising broker by the board for the matters reported therein.
4. Immunity from enforcement action provided by this section shall not apply if the noncompliance with provisions of Real Estate Board regulations or law by the principal broker or supervising broker was intentional or was the result of gross negligence by the principal broker or supervising broker.
5. Immunity from enforcement [ acton
action ] provided by this section shall apply only to the principal
broker and supervising broker who conduct an audit and submit a voluntary
compliance plan in accordance with this section and shall not extend to any
other broker or salesperson who may not be in compliance with Real Estate Board
regulations or law.
6. Failure to complete the voluntary compliance program within 90 days from the date of plan submission shall result in the loss of immunity from regulatory enforcement action. Repeated instances of a violation found as a result of an audit that was subject to the voluntary compliance program may be deemed by the board to constitute a failure to complete the prior voluntary compliance program.
B. [ Information needed for audit. In
conducting an audit of practices, policies, and procedures of a broker, the
principal broker or supervising broker or a third party shall examine and
document all matters regarding the compliance by the firm or sole
proprietorship with law and regulation regarding: Procedures for
mandatory audit.
1. A principal broker or supervising broker shall conduct or have a third party conduct an audit at least once during each license term in accordance with § 54.1-2106.2 of the Code of Virginia. Such audit shall be documented on a form developed by the board.
2. In conducting an audit of practices, policies, and procedures of the firm or sole proprietorship, the principal broker or supervising broker or a third party shall examine and document all matters regarding the compliance by the firm or sole proprietorship with law and regulation regarding:
1. a. ] Proper handling of escrow
deposits and maintenance of a complete record of financial transactions;
[ 2. b. ] Compliance with
federal and state fair housing laws and regulations if the firm or sole
proprietorship engages in residential brokerage, residential leasing, or
residential property management;
[ 3. c. ] Advertising in all
forms and media;
[ 4. d. ] Negotiation and
drafting of contracts, leases, and brokerage agreements;
[ 5. e. ] Use of unlicensed
individuals;
[ 6. f. ] Agency [ or
independent contractor ] relationships;
[ 7. g. ] Distribution of
information on new or changed statutory or regulatory requirements;
[ 8. h. ] Proper
documentation of required disclosures; and
[ 9. i. ] Such other matters
as necessary to assure the competence of licensees to comply with this chapter
and Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of
Virginia.
[ 3. If at the conclusion of a mandatory audit the principal broker or supervising broker or third party believes there is noncompliance with the provisions of the Real Estate Board regulations or law, the principal broker or supervising broker may avail himself of the procedures for voluntary compliance described in subsection A of this section. ]
Upon request by any investigator, or by another agent of the board, a broker shall cooperate in the provision of records and documents pursuant to 18VAC135-20-240 within 10 days of receipt of the request, and for other requests by the board and its agents pursuant to 18VAC135-20-250, within 21 days of receipt.
18VAC135-20-240. Provision of records to the board.
Unless otherwise specified by the board, or as set forth in § 54.1-2108 of the Code of Virginia, a licensee of the Real Estate Board shall produce to the board or any of its agents within 10 days of the request evidence of signature cards or bank records, any document, book, or record concerning any real estate transaction in which the licensee was involved, or for which the licensee is required to maintain records for inspection and copying by the board or its agents. The board may extend such time frame upon a showing of extenuating circumstances prohibiting delivery within such 10-day period.
18VAC135-20-260. Unworthiness and incompetence Prohibited
acts.
Actions constituting unworthy and incompetent conduct
include The following are prohibited acts:
1. Obtaining a license by false or fraudulent representation
Furnishing substantially inaccurate or incomplete information to the board
in obtaining, renewing, reinstating, or maintaining a license;
2. Holding more than one license as a real estate broker or salesperson in Virginia except as provided in this chapter;
3. As a currently licensed real estate salesperson, sitting for the licensing examination for a salesperson's license;
4. As a currently licensed real estate broker, sitting for a real estate licensing examination;
5. Signing an experience verification form without direct supervision or actual knowledge of the applicant's activities as defined in §§ 54.1-2100 and 54.1-2101 of the Code of Virginia [ or unreasonably refusing to sign an experience verification form ];
6. Having been convicted or found guilty regardless of
the manner of adjudication in any jurisdiction of the United States of a
misdemeanor involving moral turpitude, sexual offense, drug distribution or
physical injury, or any felony, there being no appeal pending therefrom or the
time for appeal having elapsed. Review of convictions shall be subject to the
requirements of § 54.1-204 of the Code of Virginia. Any plea of nolo contendere
shall be considered a conviction for the purposes of this subdivision. [ The
record of a conviction certified or authenticated in such form as to be
admissible in evidence under the laws of the jurisdiction where convicted shall
be admissible as prima facie evidence of such conviction or guilt ];
6. 7. Failing to inform the board in writing
within 30 days of pleading guilty or nolo contendere or being convicted or
found guilty regardless of adjudication of any convictions as stated in
subdivision 5 6 of this section;
7. 8. Having had a license as a real estate
broker or real estate salesperson that was suspended, revoked, or surrendered
in connection with a disciplinary action or that has been the subject of
discipline in any jurisdiction;
8. 9. Failing to inform the board in writing
within 30 days of a disciplinary action as stated in subdivision 7 8
of this section;
9. 10. Having been found in a court or an
administrative body of competent jurisdiction to have violated the Virginia
Fair Housing Act, the Fair Housing Laws of any jurisdiction of the United
States, including without limitation Title VIII of the Civil Rights Act
of 1968 (82 Stat. 73), or the Civil Rights Act of 1866 (14 Stat. 27), there
being no appeal therefrom or the time for appeal having elapsed;
10. Failing 11. Actions constituting failing to
act as a real estate broker or salesperson in such a manner as to safeguard the
interests of the public, including but not limited to the following:
a. A [ principal broker or supervising ] broker failing to ensure proper supervision and accountability over the firm's day-to-day financial dealings, escrow account or accounts, and daily operations;
b. A broker failing to [ ensure the
transaction was properly released and the money disbursed disburse
funds from an escrow account ] according to the regulations
[ or failing to properly retain documents relating to the basis for
disbursal ];
c. A broker failing to ensure [ salespersons
working at the firm or sole proprietorship the licensees for whom
the broker has oversight responsibility ] hold active licenses
while practicing real estate;
d. A broker failing to provide accurate and timely reports to the board about a licensee's compliance with the board's laws and regulations;
e. A broker failing to have signatory authority on all accounts;
f. A broker failing to account for or remit any moneys coming into a licensee's possession that belong to another;
g. A licensee failing to submit to the broker in a timely
manner, all earnest money deposits, contracts, listing agreements, deeds of
lease, or any other documents for which the broker has oversight [ duites
responsibility ];
h. A [ salesperson licensee ]
negotiating leases [ , collecting security deposits, and
receiving management fees for managing properties for a third party ]
through an unlicensed firm [ or ] without a
principal broker;
i. A [ salesperson licensee ]
operating an unlicensed firm [ or ] acting as a
principal broker;
j. A licensee practicing real estate with an inactive [ or expired ] license;
k. A licensee [ knowingly ] providing
the broker with an earnest money deposit check from an account with
insufficient funds [ causing an escrow shortage ];
l. A licensee [ providing lockbox codes
to an unlicensed person ] allowing unsupervised access to a
home [ without the owner's authorization ];
m. A licensee failing to inform the broker of a transaction; and
n. A licensee submitting [ unauthorized ] altered copies of a contract or contracts to the broker; and
11. Engaging 12. Actions constituting engaging in
improper, fraudulent, or dishonest conduct, including but not limited to the
following:
a. A licensee attempting to divert commission from the firm or sole proprietorship and direct payment to a licensee or an unlicensed individual who is not a party to the transaction;
b. A licensee fabricating or altering any document with the intent to mislead;
c. A licensee [ failing to obtain
signing any documents on a client's behalf without first obtaining ] a
client's [ proper ] written [ or legal ]
permission or authorization to sign [ said ] documents
[ on his behalf ];
d. A licensee making an earnest money deposit payable to
himself or [ cashing negotiating ] the
check without written [ authorization authority ];
e. A licensee misrepresenting ownership of a property;
f. A licensee submitting copies of the same earnest money deposit check for inclusion with multiple offers;
g. A licensee entering into agreements to be compensated for real estate services while his license is inactive;
h. A licensee representing in offers he received the earnest money deposit when he [ has not or he ] knows the check is worthless; and
i. A licensee misrepresenting who is holding the earnest money deposit.
18VAC135-20-270. Conflict of interest.
Actions constituting a conflict of interest include:
1. Being active with or receiving compensation from a
real estate broker other than the licensee's principal broker, without the
written consent of the principal broker;
2. Acting for more than one client in a transaction governed by the provisions of §§ 54.1-2139, 54.1-2139.01, and 54.1-2139.1 of the Code of Virginia without first obtaining the written consent of all clients; and
3. Acting Performing regulated activities as a
standard agent, limited service agent, or independent contractor for any
client outside the licensee's brokerage firm(s) or sole proprietorship(s)
[ without the written consent of the principal broker ].
18VAC135-20-280. Improper brokerage commission.
Actions resulting in an improper brokerage commission include:
1. Offering to pay or paying a commission transaction-based
fee, fees, or other valuable consideration to any person for acts or services
performed in violation of Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the
Code of Virginia, or this chapter; provided, however, that referral fees and
shared commissions may be paid to any real estate entity licensed in this or
another jurisdiction, or to any referral entity in the United States, the
members of which are brokers licensed in this or another jurisdiction and which
only disburses commissions or referral fees to its licensed member brokers not
licensed in this or any jurisdiction for services that require a real estate
license;
2. Accepting a commission, fee, or other valuable
consideration, as a real estate salesperson or associate broker, for any
real estate services from any person or entity except the licensee's
principal broker [ or supervising broker ] at the time of the
transaction, for the performance of any of the acts specified in Chapter 21
(§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia or the regulations
of the board or related to any real estate transaction, without the consent of
that broker. Unless he has notified the broker in writing of the activity or
activites to be pursued and obtained the prior written consent of the principal
broker, no salesperson or associate broker shall (i) use any information about
the property, the transaction or the parties to the transaction, gained as a
result of the performance of acts specified in Chapter 21 (§ 54.1-2100 et seq.)
of Title 54.1 of the Code of Virginia or (ii) act as an employee of a company
providing real estate settlement services as defined in the Real Estate
Settlement Procedures Act (12 USC § 2601 et seq.) or pursuant to a license
issued by the Commonwealth of Virginia to provide real estate settlement
services to clients or customers of the firm;
3. Receiving a fee or portion thereof including a referral
fee or a commission or other valuable consideration for services required by
the terms of the real estate contract when such costs are to be paid by either
one or more principals to the transaction unless such fact is revealed in
writing to the principal(s) prior to the time of ordering or contracting for
the services financial benefit from the use of any information about the
property, the transaction, or the parties to the transaction, when the information
is gained as a result of the performance of acts specified in Chapter 21 (§
54.1-2100 et seq.) of Title 54.1 of the Code of Virginia without the prior
written consent of the licensee's principal broker;
4. Offering or paying any money or other valuable
consideration for services required by the terms of the real estate contract to
any party other than the principals to a transaction which results in a fee
being paid to the licensee; without such fact being revealed in writing to the
principal(s) prior to the time of ordering or contracting for the services Receiving
financial benefit from any person other than the licensee's principal broker at
the time of the transaction, for the performance of any of the acts specified
in Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1 of the Code of Virginia
without the prior written consent of the licensee's principal broker;
5. Receiving financial benefit or other valuable consideration for any work or service related to a transaction without the prior written acknowledgment of the person paying for such work or service; and
6. Making a listing contract or lease which provides for
a "net" return to the seller/lessor, leaving the licensee free to
sell or lease the property at any price he can obtain in excess of the "net"
price named by the seller/lessor; and
6. Charging money or other valuable consideration to or
accepting or receiving money or other valuable consideration from any person or
entity other than the licensee's client for expenditures made on behalf of that
client without the written consent of the client.
18VAC135-20-290. Improper dealing.
Actions constituting improper dealing include:
1. Entering a brokerage relationship that (i) does not
specify a definite termination date; (ii) does not provide a mechanism for
determining the termination date; or (iii) is not terminable by the client;
2. 1. Offering real property for sale or for
lease without the knowledge and consent of the owner or the owner's authorized
representative, or on any terms other than those authorized by the owner or the
owner's authorized representative;
3. 2. Placing a sign on any property without the
consent of the owner of the property or the owner's authorized representative;
and
4. 3. Causing any advertisement for sale, rent,
or lease to appear in any newspaper, periodical, or sign format or
medium without including in the advertisement the name of the firm or sole
proprietorship.
18VAC135-20-300. Misrepresentation/omission.
Actions constituting misrepresentation or omission, or both, include:
1. Using "bait and switch" tactics by advertising or offering real property for sale or rent with the intent not to sell or rent at the price or terms advertised, unless the advertisement or offer clearly states that the property advertised is limited in specific quantity [ or for a specified time period ] and the licensee did in fact have at least that quantity for sale or rent [ at that price or terms at the time of advertising ];
2. Failure by a licensee representing a seller or landlord as a standard agent to disclose in a timely manner to a prospective purchaser or tenant all material adverse facts pertaining to the physical condition of the property which are actually known by the licensee;
3. Failing as a licensee to tender promptly to the buyer and seller every written offer, every written counteroffer, and every written rejection to purchase, option or lease obtained on the property involved;
4. Failure by a licensee acting as a standard an
agent to disclose in a timely manner to the licensee's client all material
facts related to the property or concerning the transaction when the failure to
so disclose would constitute failure by the licensee to exercise ordinary care
as defined in the brokerage agreement;
5. Notwithstanding the provisions of subdivision 4 of this section, a licensee acting as a dual representative shall not disclose to one client represented in the dual representation confidential information relating to the transaction obtained during the representation of another client in the same dual representation unless otherwise provided by law;
6. Failing to include the complete terms and conditions of the real estate transaction, including but not limited to any lease, property management agreement or offer to purchase;
7. Failing to include in any application, lease, or offer to purchase identification of all those holding any deposits;
8. Knowingly making any false statement or report, or willfully misstating the value of any land, property, or security for the purpose of influencing in any way the action of any lender upon:
a. Applications, advance discounts, purchase agreements, repurchase agreements, commitments or loans;
b. Changes in terms or extensions of time for any of the items listed in this subdivision 8 whether by renewal, deferment of action, or other means without the prior written consent of the principals to the transaction;
c. Acceptance, release, or substitution of security for any of the items listed in subdivision 8 a of this section without the prior written consent of the principals to the transaction;
9. Knowingly making any material misrepresentation [ or
making a material misrepresentation ]; and
10. Making a false promise through agents, salespersons, advertising, or other means.
18VAC135-20-310. [ Delivery Improper delivery ]
of instruments.
Actions constituting improper delivery of instruments include:
1. Failing to make prompt delivery to each principal to a transaction,
complete and legible copies of any written disclosures required by §§ 54.1-2138,
and 54.1-2139, 54.1-2139.01, and 54.1-2139.1 of the Code of
Virginia, listings, lease, offers to purchase, counteroffers, addenda and
ratified agreements, and other documentation required by the agreement;
2. Failing to provide in a timely manner to all principals to the transaction written notice of any material changes to the transaction;
3. Failing to deliver to the seller and buyer, at the time a real estate transaction is completed, a complete and accurate statement of receipts and disbursements of moneys received by the licensee, duly signed and certified by the principal or supervising broker or his authorized agent; provided, however, if the transaction is closed by a settlement agent other than the licensee or his broker, and if the disbursement of moneys received by the licensee is disclosed on the applicable settlement statement, the licensee shall not be required to provide the separate statement of receipts and disbursements; and
4. Refusing or failing without just cause to surrender to the rightful owner, upon demand, any document or instrument which the licensee possesses.
18VAC135-20-360. Proprietary school standards, instructor qualifications and course requirements.
A. Every applicant to the Real Estate Board for a proprietary
school certificate shall meet the standards provided in subsection A of
§ 54.1-2105 54.1-2105.02 of the Code of Virginia by submitting
a CPA-certified letter attesting to the applicant's net worth or a balance
sheet or financial statement certified to be accurate by the applicant. Such
applicant shall show a minimum net worth of $2,000.
B. Every applicant to the Real Estate Board for approval
certification as an instructor for prelicense education shall have
one must meet two of the following qualifications outlined
in subdivisions 1 through 6 of this subsection:
1. Baccalaureate A baccalaureate degree, a
an active Virginia real estate broker's license, and two consecutive
years of discipline-free active real estate experience immediately prior to
application;
2. Five An active Virginia real estate broker's
license and five consecutive years of discipline-free active real estate
experience acquired in the real estate field immediately prior to
application and an active Virginia broker's license; or
3. Expertise in a specific field of real estate with at
least three years of active experience in that field. Such applicants will
teach only in the area of their expertise and will be required to furnish proof
of their expertise including, but not limited to, educational transcripts,
professional certificates and letters of reference which will verify the applicant's
expertise. A professional designation such as, but not limited to,
Accredited Land Consultant (ALC), Certified Residential Specialist (CRS),
Certified Commercial Investment Member (CCIM), Certified Property Manager
(CPM), Certified Residential Broker (CRB), Counselor Real Estate (CRE), Member
Appraisal Institute (MAI), Society Industrial Office Realtors (SIOR), Senior
Residential Appraiser (SRA), or Senior Real Estate Property Appraiser (SRPA);
4. A fully designated membership of the Real Estate Educators Association holding the Designated Real Estate Instructor (DREI) designation;
5. Possession of a valid teaching credential or certificate issued by the Commonwealth of Virginia, or any other state with qualifications that are equal to or exceed Virginia teacher qualifications, or at least five years of teaching experience in an accredited public, private, or parochial school, or an accredited junior college, college, or university; and
6. An attorney member of the Virginia State Bar who is engaged in the field of real estate-related law.
7. The board shall also consider evaluations from previous education courses the applicant has instructed and recommendations of course providers, coordinators, administrators, and institutions who have employed the applicant.
8. The board may waive the requirements of subdivisions 1 through 6 of this subsection upon review of proof of experience in related fields of real estate. The board has discretion to deny an applicant who has been the subject of a disciplinary action.
C. Every applicant to the Real Estate Board for approval as an
instructor for continuing education and postlicense post license
education shall have expertise in a specific field of real estate with at least
three years of active experience and will teach only in the area of their
expertise. Such applicants will be required to furnish proof of their expertise,
possibly including, but not limited to, educational
transcripts, professional certificates, and letters of reference (a
maximum of three), a resume, or any other type of documentation that will
verify the applicant's expertise.
D. Prelicense courses must be acceptable to the board, be
taught by a certified prelicense instructor, and are required to have a
monitored, final written examination. [ Distance learning prelicense
courses may be considered as meeting the board's standard of quality if they
have Association of Real Estate License Law Officials (ARELLO) distance
education certification, or a substantially equivalent distance education certification,
and online Online ] distance learning courses must
include a timer requiring licensees to be actively engaged online learning
course content for at least 50 minutes to receive one hour of credit. Those
schools which propose to offer prelicensing courses (Principles and Practices
of Real Estate,Real Estate Brokerage, Real Estate Finance, Real Estate Law or
Real Estate Appraisal, etc.) must submit a request, in writing, to the board
prior to offering the course(s) and supply the following information:
1. Course content. All Principles and Practices of Real Estate courses must include the 25 topic areas specified in 18VAC135-20-400. All requests to offer broker courses must include a course syllabus acceptable to the board;
2. Name of the course's text and any research materials used for study assignments;
3. Description of any research assignments;
4. Copies of test or quizzes;
5. Information explaining how the "Principles" course will require 60 hours of study, or how each broker related course will require 45 hours of study, in compliance with § 54.1-2105 of the Code of Virginia; and
6. Information about recordkeeping for the type of course delivery.
E. Providers of continuing education and post license
education courses shall submit all subjects to the board for approval prior
to initially offering the course. Correspondence and other distance learning
courses offered by an approved provider must include appropriate testing
procedures to verify completion of the course, including requiring licensees
who complete correspondence or other distance learning courses to file a
notarized affidavit certifying compliance with the course requirements with the
education provider or with the licensee's own records. [ Distance
learning continuing education and post license education courses may be
considered as meeting the board's standard of quality if they have Association
of Real Estate License Law Officials (ARELLO) distance education certification,
or a substantially equivalent distance education certification, and online
Online ] distance learning courses must include a timer requiring
licensees to be actively engaged online learning course content for at least 50
minutes to receive one hour of credit. The board shall approve courses and
the number of hours approved for each course based on the relevance of the
subject to the performance of the duties set forth in §§ 54.1-2100 and
54.1-2101 of the Code of Virginia.
F. Approval of prelicense, continuing education and postlicense
post license education courses shall expire on December 31 five three
years from the year in which the approval was issued, as indicated on the
approval document.
G. All schools must establish and maintain a record for each student. The record shall include: the student's name and address, the course name and clock hours attended, the course syllabus or outline, the name or names of the instructor, the date of successful completion, and the board's course code. Records shall be available for inspection during normal business hours by authorized representatives of the board. Schools must maintain all student and class records for a minimum of five years.
H. All schools must provide each student with a certificate of
course completion or other documentation that the student may use as proof of
course completion. Such documentation shall contain the student's name,
school name, course name, course approval number, course completion date,
hours of credit completed., and a statement that the course is
"Approved by the Real Estate Board."
I. All providers of continuing education or post license education courses shall electronically transmit course completion data to the board in an approved format within five business days of the completion of each individual course. The transmittal will include each student's name, license number or social security number; the date of successful completion of the course; the school's code; and the board's code.
[ FORMS (18VAC135-20)
Activate/Transfer Application, 02AT (rev. 8/07)
Add-on Business Entity License Application, 02ADDBUS (rev.
8/07)
Broker Education Requirements for Non-Reciprocal Examinees,
02BEDREQ (rev. 6/07)
Branch Office License Application, 02BRANCH (rev. 8/07)
Business Entity License Application, 02BUSENT (rev. 8/07)
Business Entity License Transfer Application, 02BUSTR (rev.
8/07)
Certificate of Ownership/Individual Trading Under an
Assumed or Fictitious Name Application, 02CRTOWN (rev. 8/07)
Certification Request, 02CRTREQ (rev. 8/07)
Concurrent Broker Application, 02CONCUR (rev. 8/07)
Consent To Suits and Service of Process Form, 02CTS (rev.
8/07)
Experience Verification Form, 02EXP (rev. 8/07)
Firm License Application, 02FIRM (rev. 8/07)
Firm Name/Address Change Form, 02FNACHG (rev. 8/07)
Firm Principal Broker/Officer Change Form, 02PBOCHG (rev.
8/07)
Principal Broker and Sole Proprietor By Exam & Upgrade
License Application, 02PBSPLIC (rev. 8/07)
Reciprocity Applicant Instructions, 02RECINS (rev. 5/07)
Salesperson and Associate Broker License By Reciprocity
& Upgrade Application, 02SABPKG (rev. 8/07)
Supervising Broker for Branch Office/Change Form, 02SBCHG
(rev. 8/07)
Virginia Salesperson Upgrading to Associate Broker License
by Exam Application, 02UABLIC (rev. 8/07)
Post License Education and Continuing Education Course
Approval Application, 02CRS (rev. 8/07)
Pre-licensing Education Instructor Application, 02INSTR
(rev. 8/07).
Principal Broker and Sole Proprietor License by Reciprocity
Application, 02PBPKG (rev. 8/07)
Proprietary School Certification Application, 02SCHL (rev.
8/07).
Salesperson License by Exam Application, 02SALIC (rev.
8/07)
Place License Inactive Form, 02INA (rev. 8/07)
Supervising Broker Certification Form, 02SBCERT (eff.
4/08) ]
Exchange to Salesperson License Application, A490-02DLIC-v3 (eff. 11/2015)
Pre-license Education Instructor Certification Application, A490-0230INSTR-v5 (rev. 11/2015)
Proprietary School Certification Application, A490-0211SCHL-v2 (rev. 11/2015)
Real Estate Firm/Sole Proprietorship Audit, F490-02AUD (rev. 7/2014)
Individual - Name/Address Change Form, A954640-02NACHG-v2 (rev. 5/2015)
Firm License Application, A490-0226FLIC-v2 (rev. 2/2013)
Branch Office License Application, A490-0226BRLIC-v2 (rev. 2/2013)
Business Entity License Transfer Application, A490-0226BETR-v2 (rev. 2/2013)
Business Entity License/Reinstatement Application, A490-0226BELIC-v3 (rev. 4/2013)
Add-on/Removal of Business Entity Member Application, A490-0226ARBEM-v2 (rev. 2/2013)
Salesperson License Application, A490-0225SLIC-v2 (rev. 2/2013)
Salesperson - Activate/Transfer Application, A490-0225SAT-v2 (rev. 4/2015)
Place License Inactive Application, A490-0225INACT-v1 (rev. 1/2013)
Concurrent Broker License Application, A490-0225CONCUR-v3 (rev. 6/2013)
Concurrent Broker Acknowledgment Form, A490-0225CBA-v1 (rev. 2/2015)
Broker License Application, A490-0225BLIC-v2 (rev. 2/2013)
Broker - Activate/Transfer Application, A490-0225BAT-v2 (rev. 4/2015)
Online Approval - Broker Acknowledgment Form, A490-0225BACK-v1 (rev. 12/2014)
In-State Experience Verification Form, A490-02VAEXP-v2 (rev. 2/2013)
Signature Authority Application, A460-02SIG_AUT-v2 (rev. 1/2013)
Branch Office - Supervising Broker Change Form, A490-02SBCHG-v2 (rev. 2/2013)
Firm Principal Broker/Officer Change Form, A490-02PBOCHG-v2 (rev. 2/2013)
Out-of-State Experience Verification Form, A490-02OSEXP-v2 (rev. 2/2013)
Firm Name/Address Change Form, A490-02FNACHG-v1 (rev. 1/2013)
Supervising Broker Certification Form, A490-02CERTFRM-v1 (rev. 1/2013)
Prelicense Education Course Approval Application, A490-0214PRE-v2 (rev. 1/2014)
Additional Instructor Approval Application, A490-0214ADD-v3 (rev. 5/2013)
Continuing Education Course Approval Application, A490-0214CRS-v5 (rev. 6/2015)
Post License Education Course Approval Application, A490-0214PLE-v5 (rev. 6/2015) ]