One of VAR’s initiatives in the 2016 General Assembly session was an omnibus bill (House Bill 567) that amended portions of the real estate licensee laws (§54.1-2100). Such changes include:
- Giving the Virginia Real Estate Board (VREB) the authority to take disciplinary cases under advisement, defer findings and dismiss such actions on terms and conditions set by the VREB;
- Giving VREB the authority to grant exemptions or waive or reduce the number of CE hours required in cases of certified illness or undue hardships;
- Requiring supervising brokers for a branch office to provide VREB with the name and license number of the supervising broker for that office by January 1, 2017 and upon the renewal/transfer of each individual license, provide VREB the name and license number of those working at the branch office on a DPOR form;
- Updates to the definitions, brokerage relationship sections and disclosure sections to clarify what is required in residential relationship vs. commercial relationships;
- Clarifying that the law does not require a written agreement between a licensee and a prospective buyer prior to showing properties; and
- Clarifying that nothing in the licensing statute is intended to create an independent civil cause of action in a lawsuit.
For more information on the 2016 New Laws, check out the July Commonwealth magazine article. To learn more, including seeing the actual legislation, visit http://www.virginiarealtorschoose.com/bills/