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 that sets 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 The board will consider the
application of an individual only after the individual is authorized to conduct
business in accordance with Chapter 5 (§ 59.1-69 et seq.) of Title 59.1 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
§§ 59.1-69 through 59.1-76 Chapter 5 (§ 59.1-69
et seq.) of Title 59.1 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.