Title 54.1. Professions and Occupations
Chapter 21. Real Estate Brokers, Sales Persons and Rental Location Agents
This section has more than one version with varying effective dates. Scroll down to see all versions.
§ 54.1-2109. (Effective until January 1, 2023) Death or disability of a real estate 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 a business entity listed in clause (i) of subsection A of § 54.1-2106.1, the Real Estate Board shall grant approval to carry on the business of the deceased or disabled broker for 180 days following the death or disability of the broker solely for the purpose of concluding the business of the deceased or disabled broker in the following order:
1. A personal representative qualified by the court to administer the deceased broker's estate.
2. If there is no personal representative qualified pursuant to subdivision 1, then an agent designated under a power of attorney of the disabled or deceased broker, which designation expressly references this section.
3. If there is no agent designated pursuant to subdivision 2, the executor nominated in the deceased broker's will.
4. If there is no executor nominated pursuant to subdivision 3, then an adult family member of the disabled or deceased broker.
5. If there is no adult family member nominated pursuant to subdivision 4, then an employee of, or an independent contractor affiliated with, the disabled or deceased broker.
In the event none of the foregoing is available or suitable, the Board may appoint any other suitable person to terminate the business within 180 days.
1984, c. 283, § 54-731.3; 1988, c. 765; 2014, cc. 24, 705; 2019, cc. 179, 395; 2020, c. 383.
§ 54.1-2109. (Effective January 1, 2023) Death or disability of a real estate broker.
A. Any licensed broker who is engaged in a sole proprietorship or who is the only licensed broker in a business entity listed in clause (i) of subsection A of § 54.1-2106.1 shall designate another licensed broker to carry on the business for up to 180 days for the sole purpose of concluding the business of such designating broker in the event of the designating broker's death or disability. Such designation shall be made at the time of application for broker licensure.
B. Only in the event that the designated broker named pursuant to subsection A is unable or unwilling to perform the act of concluding the business, the Real Estate Board shall, within 30 days of receiving written notification of a broker's death or disability, grant approval to one of the following individuals to carry on the business of the deceased or disabled broker for up to 180 days for the sole purpose of concluding the business:
1. A personal representative qualified by the court to administer the deceased broker's estate;
2. An agent designated under a power of attorney of the deceased or disabled broker, which designation expressly references this section;
3. The executor nominated in the deceased broker's will;
4. An adult family member of the deceased or disabled broker; or
5. An employee of, or an independent contractor affiliated with, the deceased or disabled broker.
C. In the event that none of the individuals in subdivisions B 1 through 5 is available or suitable, the Board may appoint any other licensed broker, with the written consent of such broker, within 30 days of receiving written notification of a broker's death or disability, to allow such appointed broker to carry on the business of the deceased or disabled broker for the sole purpose of concluding the business within 180 days.
1984, c. 283, § 54-731.3; 1988, c. 765; 2014, cc. 24, 705; 2019, cc. 179, 395; 2020, c. 383; 2022, c. 725.
