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VA LAW & REGULATIONS (INDIVIDUAL LICENSES (MAINTAINING LICENSE
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VA LAW & REGULATIONS
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INDIVIDUAL LICENSES
REQUIREMENTS
--AT LEAST 18 YEARS OLD
--BE IN GOOD STANDING IN JURISDICTIONS
--ACT HONESTLY
--HIGH SCHOOL DIPLOMA OR EQUIV.
REPORTING CHANGES
LICENSE CHANGES REPORTED WITHIN 10 DAYS OR 30 DAYS
--TERMINATION OF PRINCIPAL BROKER --3 DAYS
--TERMINATION OF SALESPERSON/ASSOCIATE BROKER --10 DAYS BY PRINC BROKER
-- VOLUNTARY INACT - 10 DAYS
--CHANGE IN PERSONAL INFO - 30 DAYS
-- CHANGE IN FIRM INFO - 30 DAYS
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The attorney-at-law and the auctioneer are exempt from having real estate licenses when acting within the scope of their profession. An appraiser is not performing regulated real estate activity, but instead gives an estimate or opinion of the value of real property. Under current laws, the appraiser would have to have an APPRAISER'S license, not a real estate license.
A person applying for a license by reciprocity must:. Take and pass the Virginia portion of the licensing examination
A person must have a license if he negotiates leases on behalf of another. However, if that person were an employee of the owner (NOT the broker) and was performing acts in the regular management that property, then no license would be required. Executors and auctioneers are also exempt from the license law.
An employee of a broker, who negotiates leases DOES NOT NEED A LICENSE
a licensee is leasing his own property, without help from a broker The licensee may be exempt from the Virginia Landlord Tenant Act
could receive payment if licensed as a salesperson AND employed by the paying broker (since salespersons can only accept compensation from the employing broker). However, we don't have enough information to know if that is true. We DO know that a broker can pay another broker without violating the law.
fter 30 days (and May 31 to July 5 is more than 30 days), a person may apply to have one's license reinstated and pay the applicable fee. However, you cannot RENEW your license unless you do so within the renewal period.
The licensee, not the broker, must advise the Board of any changes in personal information within 30 days.
for the salesperson exam, you must successfully complete an approved 60 credit hour course
Licensees with inactive licenses must apply for active status within three (3) years or re-qualify (retake their pre-license education and exam).
The owner doesn't need a license because he is acting in relation to his own property. The tenant does not need a license because maintenance services are not acts of real estate brokerage
Mary is allowed to apply for reinstatement since it's still within one year of her expiration date. However, she will be required to pay the applicable fees.
If a principal broker's license is suspended, what happens to the licenses of any affiliated agents at that firm?
---Their licenses must be returned to the Board
BROKER
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Associate brokers cannot accept payment directly from a client. Like salespersons, an associate broker must ONLY be paid by the principal broker.
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Brokers must deposit any earnest money, down payments, rental payments, security deposits, and advances before the end of 5th banking day.
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If a broker operates the firm from an office in his home, it must:
A. Be clearly separate from the living area
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Any person who engages in acts of brokerage MUST have a valid license issued by the Virginia Real Estate Board. Note that reciprocity only applies to pre-licensing requirements.
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TIME SHARE
Note that the purchaser must receive a full refund (without penalty) within 45 days of the rescission request.
A developer advertises a time-share and offers a prize to any person visits and inspects the property
---The ad must include the date that the offer expires
RESCIND CONTRACT TIMES
An initial time share purchaser has the right to rescind a contract without penalty. This right:
-- B. May be extended upon receipt of a revised POS
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Time-share title passes from developer to the association when: (i) 90% of the project has been sold;
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Note that the purchaser must receive a full refund (without penalty) within 45 days of the rescission request.
DISCLOSURES
Requires Disclosures of Property conditions
-- Age of specified systems
-- Condition of specified appliances
-- Conditions of structural elements
transactions are exempt from the Virginia Property Disclosure Act, except:
A. Transactions that occur without the help of a broker
The Act does not apply to court ordered transactions (foreclosures), voluntary transfers between co-owners, and transfers due to divorce settlements. A seller must provide proper disclosure to the buyer, even if it is a "For Sale By Owner".
At minimum, Virginia requires sellers to provide a mandatory Disclosure Form to the buyer. This form serves as a "buyer beware" reminder and states that the owner makes no representation as to the condition of the property. The seller may need to provide further disclosures as specified by law. Nevertheless, if Jon completes the necessary paperwork, he will be able to sell his home "as is" without violating the law.
Virginia requires sellers to provide a "buyer beware" disclosure to buyers. This form specifically states that a seller makes no representation with respect to whether the property is located in a dam break inundation zone.
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BROKERAGE
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If a firm's principal broker dies or becomes incapacitated, the Board may approve an unlicensed person to conclude the firm's business (limited to 180 days).
Remember that a branch office must be licensed. This license is separate and distinct from an individual license (ex. salesperson or broker license). The branch license is also separate and distinct from the firm license held at the main place of business. Note that branch offices must display the branch license and a list of all salespersons and associate brokers assigned to that particular location.
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Regular, salaried employees of a property owner can sell or lease the property without needing a license. This is true because owners are allowed to sell their own land without being licensed.
ADVERTISING RULES
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All ads must include the name of the brokerage firm, as it is known to the public. Listing the salesperson's name is fine, but the firm's licensed name MUST also be listed.
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When preparing the required documents, a condo association can charge as much as $150 for preparing two hard copies, and a total of $125 for up to 5 electronic copies.
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