Virginia Licensing Regulation Flashcards
Code of Virginia
statutes regulating professions in Commonwealth
real estate statutes are Title 54.1, Professions and Occupations & Title 55.1, Property and Conveyances
purpose us to protect public interest against fraud, misrepresentation, dishonesty and incompetence
Virginia Administrative Code
Title 18 - Professional and Occupational Licensing
VA Real Estate Board regulation in Agency 135, Chapter 20
Title 54.1
regulates professions operating in Virginia
empowers individual to engage in lawful professions
Chapter 21
regulates brokers, salespersons, rental location agents
includes license requirements, brokerage relationships, Real Estate Board authorizations
Title 55.1 - Property and Conveyances
Subtitle 1 - estates, conveyances, deeds, covenants
Subtitle 2 - settlements, recording, Property Disclosure Act
Subtitle 3 - landlord-tenant law, leases
Subtitle 4 - POAs, condos, coops, timeshares
Subtitle 5 - escheats, unclaimed property, self-storage facilities
The Virginia Department of Professional and Occupational Regulation (DPOR)
DPOR structure
Director appointed by Governor, manages department
investigates, enforces violations
The Real Estate Board (REB)
REB structure includes
9 members
2 are citizens at large, 7 have been licensed as brokers and salespersons for 5 years prior to appointment
Governor appoints members for 4-year terms
Concurrent license
allows licensee to practice in more than one firm
Reciprocity
license qualifications for one state are accepted in another state
Transaction Recovery Fund
established to reimburse damaged consumers for losses caused by licensees
Fund is financed by $20 assessment levied on licensees upon licensure
to receive monies, claimants must obtain a court judgment against the licensee and make claim within 12 months
maximum claim is $20,000 per transaction
violating licensee must repay the Fund amounts disbursed to claimants
licensee’s license is revoked until full payback is made
Broker license requirements
must have been active salesperson 40 hours/week for 36 of 48 months prior to application
Postlicense education
must complete 30 hours of education within first year of initial licensure regardless of active or inactive status
failure to complete deactives license
Continuing education salesperson requirement
16 hours
Continuing education reciprocal salespersons
8 hours
Continuing education broker’s requirement
24 hours
