Real Estate Board; powers and duties, escrow funds. (SB514)

Introduced By

Sen. David Suetterlein (R-Salem)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Real Estate Board; powers and duties; escrow funds; education. Establishes notice provisions and required procedures to be followed in the case of escrow funds held by a real estate broker in the event of termination of a real estate purchase contract. In addition, the bill requires that the curricula for new licensees of the Real Estate Board (the Board) include real estate-related finance as one of the topics and requires the Board to establish guidelines for a post-license educational curriculum for real estate salespersons consisting of at least 30 hours of instruction to be completed within one year from the last day of the month in which the initial license was issued. The bill (i) adds to the curriculum for broker continuing education courses the requirement that at least two hours of instruction include an overview of broker supervision requirements under Virginia law and Board regulations and (ii) requires the Board to develop a form to be signed by the parties to a real estate transaction to acknowledge that the purchaser has been advised to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make available on its website the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.). Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to HB 864. Read the Bill »


Bill Has Passed


01/09/2018Prefiled and ordered printed; offered 01/10/18 18104554D
01/09/2018Referred to Committee on General Laws and Technology
01/19/2018Impact statement from DPB (SB514)
01/22/2018Reported from General Laws and Technology with substitute (15-Y 0-N) (see vote tally)
01/22/2018Committee substitute printed 18105702D-S1
01/24/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/25/2018Read second time
01/25/2018Reading of substitute waived
01/25/2018Committee substitute agreed to 18105702D-S1
01/25/2018Engrossed by Senate - committee substitute SB514S1
01/26/2018Read third time and passed Senate (39-Y 0-N) (see vote tally)
01/29/2018Impact statement from DPB (SB514S1)
01/31/2018Placed on Calendar
01/31/2018Read first time
01/31/2018Referred to Committee on General Laws
02/15/2018Reported from General Laws (22-Y 0-N) (see vote tally)
02/19/2018Read second time
02/20/2018Read third time
02/20/2018Passed House BLOCK VOTE (100-Y 0-N)
02/20/2018VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/22/2018Bill text as passed Senate and House (SB514ER)
02/22/2018Impact statement from DPB (SB514ER)
02/22/2018Signed by Speaker
02/23/2018Signed by President
02/26/2018Enrolled Bill Communicated to Governor on February 26, 2018
02/26/2018G Governor's Action Deadline Midnight, March 5, 2018
03/02/2018G Approved by Governor-Chapter 86 (effective 7- see bill)
03/02/2018G Approved by Governor-Chapter 86 (effective - see bill)
03/02/2018G Acts of Assembly Chapter text (CHAP0086)