Real Estate Board; duties of licensees and limited service representatives. (HB316)

Introduced By

Del. Dave Albo (R-Springfield)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Real Estate Board; duties of licensees; limited service agents.  Adds the definition of "limited service representative" to mean a licensee who acts for or represents a client with respect to real property containing from one to four residential units, pursuant to a brokerage agreement that provides that the limited service representative will not provide one or more of the duties set forth in subsection A 2 of 54.1-2131, 54.1-2132, 54.1-2133, and 54.1-2134, inclusive. A limited service representative shall have the obligations set out in the brokerage agreement, except that a limited service representative shall provide the client, at the time of entering the brokerage agreement, copies of any and all disclosures required by federal or state law, or local disclosures expressly authorized by state law, and shall disclose to the client the following in writing: (i) the rights and obligations of the client under the Virginia Residential Property Disclosure Act ( 55-517 et seq.); (ii) if the client is selling a condominium, the rights and obligations of the client to deliver to the purchasers, or to receive as purchaser, the condominium resale certificate required by 55-79.97; and (iii) if the client is selling a property subject to the Property Owners' Association Act (55-508 et seq.), the rights and obligations of the client to deliver to the purchasers, or to receive as purchaser, the association disclosure packet required by 55-512. A limited service representative may act as the agent of the client by so providing in the brokerage agreement. If the brokerage agreement does not so state, the limited service representative shall be deemed as acting as an independent contractor of the client. The bill also clarifies the obligations of licensees vis-vis their clients, whether the clients are a buyer, seller, landlord, or tenant. The bill also allows a common source information company to require, as a condition of participation in or use of such common source information, that a licensee providing information through such company disclose the nature of the brokerage relationship with the client of the licensee. The bill requires the Real Estate Board to promulgate regulations to implement the provisions of this bill to be effective on July 1, 2007. Further, the Real Estate Board is required to establish a continuing education curriculum of not less than two hours and, as of July 1, 2007, every applicant for re-licensure as an active salesperson or broker shall complete at a minimum one two-hour continuing education course on the amendments to the real estate agency laws prior to each renewal or reinstatement of his license. If the licensee submits a notarized affidavit to the Real Estate Board which certifies that he does not practice residential real estate and shall not do so during the licensing term, training in limited service agency shall not be required. The bill has a delayed effective date of July 1, 2007. Read the Bill »

Status

04/05/2006: signed by governor

History

DateAction
01/04/2006Prefiled and ordered printed; offered 01/11/06 066104204
01/04/2006Referred to Committee on General Laws
01/18/2006Assigned to General Laws sub-committee: #1 Housing (Suit)
01/26/2006Fiscal impact statement from DPB (HB316)
01/31/2006Reported from General Laws with substitute (21-Y 0-N)
01/31/2006Committee substitute printed 067702204-H1
02/01/2006Read first time
02/02/2006Substitute bill reprinted 067702204-H1
02/02/2006Fiscal impact statement from DPB (HB316H1)
02/02/2006Read second time
02/02/2006Committee substitute agreed to 067702204-H1
02/02/2006Engrossed by House - committee substitute HB316H1
02/03/2006Read third time and passed House (95-Y 0-N 2-A)
02/03/2006VOTE: PASSAGE (95-Y 0-N 2-A)
02/03/2006Communicated to Senate
02/06/2006Constitutional reading dispensed
02/06/2006Referred to Committee on General Laws and Technology
02/15/2006Reported from General Laws and Technology (15-Y 0-N)
02/17/2006Constitutional reading dispensed (40-Y 0-N)
02/17/2006VOTE: (40-Y 0-N)
02/20/2006Read third time
02/20/2006Passed Senate (40-Y 0-N)
02/20/2006VOTE: (40-Y 0-N)
02/27/2006Bill text as passed House and Senate (HB316ER)
02/27/2006Enrolled
02/28/2006Signed by Speaker
03/01/2006Signed by President
03/02/2006Fiscal impact statement from DPB (HB316ER)
04/05/2006G Approved by Governor-Chapter 627 (effective 7/1/07)
04/14/2006G Acts of Assembly Chapter text (CHAP0627)