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Virginia Administrative Code
Title 18. Professional And Occupational Licensing
11/21/2024

18VAC135. Real Estate Board

VAC AGENCY NO. 135

REAL ESTATE BOARD

AGENCY SUMMARY

The Real Estate Board is a separate agency within the Department of Professional and Occupational Regulation. The director of the department acts as the board's secretary and administrative officer. Code of Virginia, Title 54.1, Chapter 3. See the summary for the department for the powers and duties applicable to all regulatory boards. Code of Virginia, Title 54.1, Chapter 2.

The board is authorized to license real estate brokers (including individuals, corporations, associations, and partnerships) and salespersons; prescribe standards for licensure and for professional conduct; and promulgate regulations for all authorized purposes. The board is authorized to regulate certain schools offering real estate courses and to include in its regulations a procedure for processing applications from education providers. The board is authorized to develop criteria for evaluating and approving continuing education course credits and for awarding credit hours for such courses.

The board is required to develop a residential property disclosure statement form for use in accordance with the provisions of Chapter 27 of Title 55. Code of Virginia, Title 54.1, Chapter 21. It also administers the Virginia Real Estate Transaction Recovery Fund for recovery of unsatisfied final judgments against licensed real estate brokers or salespersons. Code of Virginia, Title 54.1, Chapter 21, Article 2.

The board is authorized to (i) administer and enforce the provisions of the Fair Housing Law as it applies to respondents not otherwise under the jurisdiction of the Fair Housing Board, as provided in Chapter 23.2 (§ 54.1-2343 et seq.) of Title 54.1 of the Code of Virginia, and (ii) promulgate regulations to carry out the Virginia Fair Housing Law (Code of Virginia, Title 36, Chapter 5.1). In addition, the board is authorized to enforce the provisions of the Real Estate Settlement Agents Act as it applies to real estate brokers dually licensed as settlement agents (Code of Virginia, Title 55, Chapter 27.3).

Regulations are available from the board's office at 9960 Mayland Drive, Suite 400, Richmond, VA 23233. Internet address: http://www.dpor.virginia.gov/Boards/Real-Estate

Rev. 09/2018

 

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