Code of Virginia - Title 54.1 Professions And Occupations - Chapter 21 Real Estate Brokers, Sales Persons And Rental Location Agents Agents

54.1-2100 Definitions
As used in this chapter: "Distance learning" means instruction delivered by an approved provider through a medium other than a classroom setting. Such courses shall ...

54.1-2101 Real estate salesperson defined
For the purposes of this chapter, "real estate salesperson" means any person, or business entity of not more than two persons unless related by blood ...

54.1-2101.1 Preparation of real estate contracts by real estate licensees
Notwithstanding any rule of court to the contrary, any person licensed under this chapter may prepare written contracts for the sale, purchase, option, exchange, or ...

54.1-2102 Description unavailable
Repealed by Acts 1992, c. 84. ...

54.1-2103 Exemptions from chapter
A. The provisions of this chapter shall not apply to: 1. Any person, partnership, association or corporation, or their regular employees, who as owner or ...

54.1-2104 Real Estate Board; membership; chairman; seal
The Real Estate Board shall be composed of nine members as follows: seven members who have been licensed real estate brokers or salespersons for at ...

54.1-2105 General powers of Real Estate Board; regulations; educational and experience requirements for licen...
A. The Board may do all things necessary and convenient for carrying into effect the provisions of this chapter and may promulgate necessary regulations. B. ...

54.1-2105.01 Educational requirements for all salespersons within one year of licensure.
A. The Board shall establish guidelines for an educational curriculum of at least 30 hours of classroom, or correspondence or other distance learning, instruction, in ...

54.1-2105.02 Regulation of real estate education providers and courses.
A. The Board may regulate any school that is established to offer real estate courses except such schools as are regulated by another state agency. ...

54.1-2105.03 Continuing education; relicensure of brokers and salespersons.
A. Board regulations shall include educational requirements as a condition for relicensure of brokers and salespersons to whom active licenses have been issued by the ...

54.1-2105.04 Education requirements; reactivation of licenses; waiver.
A. Board regulations shall include remedial educational requirements for any salesperson or broker who has been inactive for more than three years. The regulations shall ...

54.1-2105.1 Other powers and duties of the Real Estate Board
In addition to the provisions of §§ 54.1-2105.01 through 54.1-2105.04, the Board shall develop a residential property disclosure statement form for use in accordance with ...

54.1-2105.2 Cease and desist orders for unlicensed activity; civil penalty.
A. Notwithstanding any other provision of law, the Board may issue an order requiring any person to cease and desist from acting as a real ...

54.1-2106 Description unavailable
Repealed by Acts 1996, c. 993. ...

54.1-2106.1 Licenses required
A. No business entity, other than a sole proprietorship, shall act, offer to act, or advertise to act, as a real estate firm without a ...

54.1-2107 Certain action to constitute real estate broker or salesperson
One act for compensation or valuable consideration of buying or selling real estate of or for another, or offering for another to buy or sell ...

54.1-2108 Protection of escrow funds, etc., held by broker
No licensee or any agent of the licensee shall divert or misuse any funds held in escrow or otherwise held by him for another. Where ...

54.1-2109 Death or disability of a broker
Upon the death or disability of a licensed real estate broker who was engaged in a proprietorship or who was the only licensed broker in ...

54.1-2110 Resident broker to maintain place of business in Virginia
Every resident real estate broker shall maintain a place of business in this Commonwealth. (Code 1950, § 54-733; 1981, c. 34; 1988, c. 765.) ...

54.1-2111 Consent to suits and service of process by nonresidents; manner of service
A. Every nonresident applicant shall file with the Real Estate Board an irrevocable consent that suits and actions may be commenced against such applicant in ...

54.1-2112 Definitions
As used in this article, unless the context requires a different meaning: "Act" means the Virginia Real Estate Transaction Recovery Act. "Balance of the fund" ...

54.1-2113 Establishment and maintenance of fund, duty of Director, assessments of regulants
A. Each initial regulant at the time of licensure shall be assessed twenty dollars, which shall be specifically assigned to the fund. Initial payments may ...

54.1-2114 Recovery from fund generally
A. Whenever any person is awarded a final judgment in any court of competent jurisdiction in the Commonwealth of Virginia against any individual or entity ...

54.1-2115 Investigations
Upon receipt of the notice of proceedings against the regulant the Board may cause its own investigation to be conducted. (1987, c. 555, § 54-765.4:1; ...

54.1-2116 Limitations upon recovery from fund; certain actions not a bar to recovery
A. The aggregate of claims by claimants against the fund based upon unpaid judgments arising out of the improper or dishonest conduct of one regulant ...

54.1-2117 Participation by Board in proceedings
Upon service of process as provided in subdivision A 1 of § 54.1-2114, the Board, the Director, or duly authorized representatives of the Board, shall ...

54.1-2118 Payment of claim; assignment of claimant's rights to Board
The Director shall, subject to the provisions of § 54.1-2116, pay to the claimant from the fund such amount as shall be directed by the ...

54.1-2119 Revocation of license of regulant upon payment from fund
Upon payment by the Director to a claimant from the fund as provided in § 54.1-2118, the Board shall immediately revoke the license of the ...

54.1-2120 No waiver by Board of disciplinary action against regulant
Nothing contained in this article shall limit the authority of the Board to take disciplinary action against any regulant for any violation of this chapter ...

54.1-2130 Definitions
As used in this article: "Agency" means every relationship in which a real estate licensee acts for or represents a person by such person's express ...

54.1-2131 Licensees engaged by sellers
A. A licensee engaged by a seller shall: 1. Perform in accordance with the terms of the brokerage relationship; 2. Promote the interests of the ...

54.1-2132 Licensees engaged by buyers
A. A licensee engaged by a buyer shall: 1. Perform in accordance with the terms of the brokerage relationship; 2. Promote the interests of the ...

54.1-2133 Licensees engaged by landlords to lease property
A. A licensee engaged by a landlord shall: 1. Perform in accordance with the terms of the brokerage relationship; 2. Promote the interests of the ...

54.1-2134 Licensees engaged by tenants
A. A licensee engaged by a tenant shall: 1. Perform in accordance with the terms of the brokerage relationship; 2. Promote the interests of the ...

54.1-2135 Licensees engaged to manage real estate
A. A licensee engaged to manage real estate shall: 1. Perform in accordance with the terms of the property management agreement; 2. Exercise ordinary care; ...

54.1-2136 Preconditions to brokerage relationship
Prior to entering into any brokerage relationship provided for in this article, a licensee shall advise the prospective client of (i) the type of brokerage ...

54.1-2137 Commencement and termination of brokerage relationships
A. The brokerage relationships set forth in this article shall commence at the time that a client engages a licensee and shall continue until (i) ...

54.1-2138 Disclosure of brokerage relationship
A. Upon having a substantive discussion about a specific property or properties with an actual or prospective buyer or seller who is not the client ...

54.1-2138.1 Limited service representative, contract disclosure required.
A. A licensee may act as a limited service representative only pursuant to a written brokerage agreement in which the limited service representative (i) discloses ...

54.1-2139 Disclosed dual or designated representation authorized
A. A licensee may act as a dual representative only with the written consent of all clients to the transaction. Such written consent and disclosure ...

54.1-2140 Compensation shall not imply brokerage relationship
The payment or promise of payment or compensation to a real estate broker does not create a brokerage relationship between any broker, seller, landlord, buyer ...

54.1-2141 Brokerage relationship not created by using common source information company
No licensee representing a buyer or tenant shall be deemed to have a brokerage relationship with a seller, landlord or other licensee solely by reason ...

54.1-2142 Liability; knowledge not to be imputed
A. A client is not liable for (i) a misrepresentation made by a licensee in connection with a brokerage relationship, unless the client knew or ...

54.1-2143 Real estate board regulations to be consistent
Any regulations adopted by the Virginia Real Estate Board shall be consistent with this article, and any such regulations existing as of the effective date ...

54.1-2144 Common law abrogated
The common law of agency relative to brokerage relationships in real estate transactions to the extent inconsistent with this article shall be expressly abrogated. (1995, ...

54.1-2145 Article does not limit antitrust laws.
Nothing in this article shall be construed to limit, modify, impair, or supercede the applicability of any federal or state antitrust laws. (2006, c. 627.) ...