Amended to conform to changes resulting from the enactment of Chapters 29 and 120
VA LEG 18-135-20-101 amended to revise continuing education (CE) requirements for salespersons and brokers licensed by the Real Estate Board to renew licensure.
Salespersons will be required to complete 11 hours of continuing education in mandated subjects, an increase from the current requirement of eight (8) hours.
Brokers must complete 19 hours of CE in mandated subjects; provided list of subjects.
Also applies to salespersons/brokers licensed in other jurisdictions with VA licenses.
Legislation added to the definition of real estate broker any individual/business entity who sells/offers to sell/buy, negotiates, or otherwise deals in real estate contracts.
Including assignable contracts on two or more occasions in any 12-month period.
Incorporate by reference statutory definitions of place of business and branch office.
Broker is required to obtain a branch office license for each additional place of business other than the primary place of business noted on the firm’s license application.
Additionally, provided for exemptions from the branch office licensure requirement.
Specified each branch office must have readily available to the public the branch office license and a roster of every salesperson or broker assigned to that branch office.
Amended Universal Licensing Recognition (ULR) to provide additional entryway for licensed salespersons and brokers in neighboring States (DC, NC, KNY, TN, WV).
Proposed amendments conform applicable provisions of the regulation to legislation.
Incorporate by reference statutory definitions of another State and neighboring State.
Provided qualifications necessary for such individuals to receive a license under ULR.
Including holding current and valid license with similar scope of practice in neighboring State, payment of an application fee, and passing the Virginia Real Estate Exam.
Effectiveness
Mortgage broker licensing rule amendments become effective on Nov. 1, 2024.
Regulators
VA LEG
Entity Types
Bank; IB; MG Orig
Reference
VA SR Vol. 41 No. 2 p. 395, 9/9/2024; Citation: *VA LEG* 18-135-20, 18-135-20-101, 18-135-20-10, 18-135-20-60, 18-135-20-140, 18-135-20-155, 18-135-20-260, 18-135-20-360, 18-135-20-20, 18-135-20-160, 18-135-20-65;
Functions
Compliance; Legal; Operations; Registration/Licensing; Training
