Administrative Code

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Virginia Administrative Code
Title 18. Professional And Occupational Licensing
Agency 135. Real Estate Board
Chapter 20. Virginia Real Estate Board Licensing Regulations

18VAC135-20-45. Additional qualifications for salesperson's or 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 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.

Statutory Authority

§§ 54.1-201 and 54.1-2105 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 15, Issue 5, eff. January 1, 1999; amended, Virginia Register Volume 19, Issue 12, eff. April 1, 2003; Volume 31, Issue 26, eff. November 1, 2015.

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