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SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E An Act to amend and reenact §§ 54.1-2100, 54.1-2106.1, and 54.1-2110 of the Code of Virginia, N business;
VIRGINIA ACTS OF ASSEMBLY -- 2024 SESSION CHAPTER 327 An Act to amend and reenact §§ 54.1-2100, 54.1-2106.1, and 54.1-2110 of the Code of Virginia, relating to Department of Professional and Occupational Regulation;
prohibited locations.ssional and Occupational Regulation;
plaRes of O [H 1237] L Approved L Be it enacted by the General Assembly of Virginia:
places of business;
E 1.
prohibited locations.
That §§ 54.1-2100, 54.1-2106.1, and 54.1-2110 of the Code of Virginia are amended and D ree§ 54.1-2100.
[H 1237] Approved April 2, 2024 Be it enacted by the General Assembly of Virginia:
1.
That §§ 54.1-2100, 54.1-2106.1, and 54.1-2110 of the Code of Virginia are amended and reenacted as follows:
§ 54.1-2100.
"Branch office" means any place of business of a principal broker in the Commonwealth that is not his primary place of business.
"Branch office" means any place of business of a principal broker in the Commonwealth that is not his"Distance learning" means instruction delivered by an approved provider through a medium other than a classroom setting.
"Distance learning" means instruction delivered by an approved provider through a medium other than a classroom setting.
Such courses shall be those offered by an accredited institution of higher education, high school offering adult distributive education courses, other school or educational institution, or real estate professional association or related entities.
Such courses shall be those offered by an accredited institution of higher education, high school offering adult distributive education courses, other school or educationHl institution, or real estate professional association or related entities.
"Place of business" means a location where the principal broker, or individuals or business entities employed by or affiliated as an independent contractor with the principal broker, regularly transacts the business of a real estate broker or salesperson.
1 employed by or affiliated as an independent contractor with the principal broker, regularly transacts the business of a real estate broker or salesperson.
R "Real estate broker" means any individual or business entity, including a partnership, association, corporation, or limited liability company, who, for compensation or valuable consideration, (i) sells or offers for sale, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate, including units or interest in condominiums, cooperative interest as defined in § 55.1-2100, or time-shares in a time-share program even though they may be deemed to be securities or (ii) leases or off"Real estate team" means two or more individuals, one or more of whom is a real estate salesperson or broker, who (i) work together as a unit within the same brokerage firm, (ii) represent themselves to the public as working together as one unit, and (iii) designate themselves by a fictitious name.
"Real estate broker" means any individual or business entity, including a partnership, association, corporation, or limited liability company, who, for compensation or valuable consideration, (i) sells or offers for sale, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate, including units or interest in condominiums, cooperative interest as defined in § 55.1-2100, or time-shares in a time-share program even though they may be deemed to be securities or (ii) leases or offers to lease, or rents or offers for rent, any real estate or the improvements thereon for others.
"Real estate team" means two or more individuals, one or more of whom is a real estate salesperson or broker, who (i) work together as a unit within the same brokerage firm, (ii) represent themselves to the public as working together as one unit, and (iii) designate themselves by a fictitious name.
No business entity, other than a sole proprietorship, shall act, offer to act, or advertise to act, as a a fictitious name.
No business entity, other than a sole proprietorship, shall act, offer to act, or advertise to act, as a real estate firm without a real estate firm license from the Board.
No business entity shall be granted a firm license unless (i) every managing member in of a limited liability company, officer of a corporation, partner within a partnership, or associate within an association who actively participates in the firm brokerage business holds a license as a real estate broker;
Such firm may be granted a license in a fictitious name.
No business entity shall be granted a firm license unless (i) every managing member of a limited liability company, officer of a corporation, partner within a partnership, or associate within an association who actively participates in the firm brokerage business holds a license as a real estate broker;
However, nothing herein shall be construed to prohibit a broker operating a brokerage firm from having that such separate business entity otherwise complies with this section.
However, nothing herein shall be construed to prohibit a broker operating a brokerage firm from having a business entity separate from the brokerage firm for such broker's own real estate business, provided that such separate business entity otherwise complies with this section.
A non-broker-owned solerovided proprietorship shall obtain a license from the Board.
A non-broker-owned sole proprietorship shall obtain a license from the Board.
No business entity shall be granted a business entity salesperson's license unless every owner or officer who from the Board.
No business entity shall be granted a business entity salesperson's license unless every owner or officer who actively participates in the brokerage business of such entity holds a license as a salesperson or broker from the Board.
The Board shall establish standards in its regulations for the names of business entityer salespersons when more than one licensee is an owner or officer.
The Board shall establish standards in its regulations for the names of business entity salespersons when more than one licensee is an owner or officer.
of 2 D.
D.
No group of individuals consisting of one or more real estate brokers or real estate salespersons, or a combination thereof, shall act as a real estate team without first obtaining a business entity salesperson's license from the Board.
No group of individuals consisting of one or more real estate brokers or real estate salespersons, or a combination thereof, shall act as a real estate team without first obtaining a business entity of 2 salesperson's license from the Board.
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