Real Estate Board; requirements for licensure and practice of real estate. (HB1907)
Introduced By
Del. Jackson Miller (R-Manassas)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Real Estate Board; licensure and practice of real estate. Requires the Real Estate Board to approve a continuing education program of at least three hours on the changes in the law made by this bill as a prerequisite for renewal or reinstatement of a broker or salesperson license. The bill further limits the liability of real estate licensees in their real estate dealings. The bill (i) defines the terms for property management agreements and brokerage agreements, and sets out required provisions in such agreements; (ii) revises the dual representation provisions for real estate licensees and provides standard disclosure forms to be used in connection therewith; (iii) revises the designated dual representation provisions for real estate licensees and provides standard disclosure forms to be used in connection therewith; (iv) allows all required documents and records to be maintained by real estate licensees to be kept in electronic form; and (v) revises the required disclosures under the Virginia Residential Property Disclosure Act and requires certain disclosures to be made on the Virginia Real Estate Board's website. The bill contains technical amendments and contains a delayed effective date for certain provisions contained in the bill. Amends § 54.1-2105.01 (“Educational requirements for all salespersons within one year of licensure.”), § 54.1-2105.03 (“Continuing education; relicensure of brokers and salespersons.”), § 54.1-2105.1 (“Other powers and duties of the Real Estate Board.”), § 54.1-2130 (“Definitions.”), § 54.1-2131 (“Licensees engaged by sellers.”), § 54.1-2133 (“Licensees engaged by landlords to lease property.”), § 54.1-2135 (“Licensees engaged to manage real estate.”), § 54.1-2137 (“(Effective until July 1, 2012) Commencement and termination of brokerage relationships.”), § 54.1-2139 (“(Effective until July 1, 2012) Disclosed dual or designated representation authorized.”), § 54.1-2139.1 (“(Effective July 1, 2012) Designated standard agency authorized.”), § 54.1-2139.2 (“Disclosed dual representation authorized.”), § 54.1-2139.3 (“Designated representatives authorized.”), § 54.1-2142.1 (“Liability for false information.”), § 54.1-2146 (“Licensee maintenance of records.”), § 55-519 (“Required disclosures.”), of the Code of Virginia.
