Real Estate Board; powers and duties, escrow funds.
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SB 514 — Real Estate Board; powers and duties, escrow funds.
Last action — Approved by Governor-Chapter 86 (effective 7- see bill)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House of Delegates
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 09, 2018. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
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Cleared a recorded vote
Passed 5 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
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
Bill Text
What changed in the latest version
47 added · 48 removedPlain-language change summary
The changes made to Bill SB 514 primarily relate to the education and training requirements for real estate licensees in Virginia. Specifically, if a licensee signs an affidavit stating they will not practice residential real estate during their licensing term, they will not need to complete certain training in residential representation or fair housing laws. This adjustment is significant as it may reduce the educational burden on some real estate professionals while allowing them to focus on other areas of real estate practice.
SESSION history | hilite | pdf | print version 18105702DVIRGINIA SENATEACTS BILLOF NO.ASSEMBLY -- CHAPTER An Act to amend and reenact §§ 54.1-2105.01, 54.1-2105.03, 54.1-2105.1, 54.1-2137, 55-519, 55-520, and 55-525 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 54.1-2108.2, relating to the Real Estate Board;
514 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on General Laws and Technology on January 22, 2018) (Patron Prior to Substitute--Senator Suetterlein) A BILL to amend and reenact §§ 54.1-2105.01, 54.1-2105.03, 54-2105.1, 54.1-2137, 55-519, 55-520, and 55-525 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 54.1-2108.2, relating to the Real Estate Board;
[S 514] Approved Be it enacted by the General Assembly of Virginia:
That §§ 54.1-2105.01, 54.1-2105.03, 54-2105.1,54.1-2105.1, 54.1-2137, 55-519, 55-520, and 55-525 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 54.1-2108.2 as follows:
View plain text versions (3)
- Senate: Bill text as passed Senate and House (SB514ER) View text Current html February 22, 2018
- Committee Substitute Senate: Committee substitute printed 18105702D-S1 html January 22, 2018
- Prefiled Senate: Prefiled and ordered printed; offered 01/10/18 18104554D html January 09, 2018
Action History
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Approved by Governor-Chapter 86 (effective 7- see bill)
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Governor's Action Deadline Midnight, March 5, 2018
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Enrolled Bill Communicated to Governor on February 26, 2018
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Signed by President
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Signed by Speaker
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Enrolled
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Passed House BLOCK VOTE (100-Y 0-N)
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Read third time
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Read second time
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Referred to Committee on General Laws
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Read first time
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Placed on Calendar
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Engrossed by Senate - committee substitute SB514S1
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Committee substitute agreed to 18105702D-S1
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Reading of substitute waived
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Read second time
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Referred to Committee on General Laws and Technology
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Prefiled and ordered printed; offered 01/10/18 18104554D
Sponsors
- David R. Suetterlein · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 147 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (147)
147 members have not signed on to this bill.
Show all 147 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 100 | 0 | 0 | 0 |
| Total | 100 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (100)
| Member | Party | Vote |
|---|---|---|
| Campbell | — | Yea |
| Cline | — | Yea |
| Edmunds | — | Yea |
| Freitas | — | Yea |
| Habeeb | — | Yea |
| Hurst | — | Yea |
| Hugo | — | Yea |
| Kory | — | Yea |
| LaRock | — | Yea |
| Landes | — | Yea |
| Orrock | — | Yea |
| Pogge | — | Yea |
| Poindexter | — | Yea |
| Rodman | — | Yea |
| Rush | — | Yea |
| Toscano | — | Yea |
| Tyler | — | Yea |
| Bell, John J. | — | Yea |
| Bell, Richard P. | — | Yea |
| Bell, Robert B. | — | Yea |
| Jones, J.C. | — | Yea |
| Jones, S.C. | — | Yea |
| Ayala | — | Yea |
| Bourne | — | Yea |
| Bulova | — | Yea |
| Byron | — | Yea |
| Carter | — | Yea |
| Cole | — | Yea |
| Collins | — | Yea |
| Fariss | — | Yea |
| Filler-Corn | — | Yea |
| Gilbert | — | Yea |
| Gooditis | — | Yea |
| Helsel | — | Yea |
| Heretick | — | Yea |
| Ingram | — | Yea |
| James | — | Yea |
| Keam | — | Yea |
| Levine | — | Yea |
| Marshall | — | Yea |
| Mr. Speaker | — | Yea |
| Lindsey | — | Yea |
| Miyares | — | Yea |
| Mullin | — | Yea |
| Murphy | — | Yea |
| Peace | — | Yea |
| Plum | — | Yea |
| Ransone | — | Yea |
| Robinson | — | Yea |
| Stolle | — | Yea |
| Turpin | — | Yea |
| Yancey | — | Yea |
| Alfonso H. Lopez | — | Yea |
| Barry D. Knight | — | Yea |
| Betsy B. Carr | — | Yea |
| C.E. Cliff Hayes, Jr. | — | Yea |
| Charniele L. Herring | — | Yea |
| Christopher T. Head | — | Yea |
| Danica A. Roem | — | Yea |
| David A. Reid | — | Yea |
| Delores L. McQuinn | — | Yea |
| Elizabeth R. Guzman | — | Yea |
| Emily M. Jordan | — | Yea |
| Garrett McGuire | — | Yea |
| Hyland F. "Buddy" Fowler, Jr. | — | Yea |
| Israel D. O'Quinn | — | Yea |
| James A. "Jay" Leftwich | — | Yea |
| James W. Morefield | — | Yea |
| Jeion A. Ward | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jennifer D. Carroll Foy | — | Yea |
| Joshua E. Thomas | — | Yea |
| Karrie K. Delaney | — | Yea |
| Kathy K.L. Tran | — | Yea |
| Kelly K. Convirs-Fowler | — | Yea |
| Kimberly Pope Adams | — | Yea |
| Kimberly Pope Adams | — | Yea |
| Lamont Bagby | — | Yea |
| Lashrecse D. Aird | — | Yea |
| Luke E. Torian | — | Yea |
| M. Keith Hodges | — | Yea |
| Marcia S. "Cia" Price | — | Yea |
| Marcus B. Simon | — | Yea |
| Mark D. Sickles | — | Yea |
| Michael J. Webert | — | Yea |
| Patrick A. Hope | — | Yea |
| Paul E. Krizek | — | Yea |
| R. Lee Ware | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
| Robert S. Bloxom, Jr. | — | Yea |
| Sam Rasoul | — | Yea |
| Schuyler T. VanValkenburg | — | Yea |
| Terry G. Kilgore | — | Yea |
| Terry L. Austin | — | Yea |
| Thomas A. Garrett, Jr. | — | Yea |
| Thomas C. Wright, Jr. | — | Yea |
| Todd E. Pillion | — | Yea |
| Tony O. Wilt | — | Yea |
| Vivian E. Watts | — | Yea |
| Will Davis | — | Yea |
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Subjects
Frequently asked questions
- What does SB 514 do?
- 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
- Who sponsors SB 514?
- SB 514 is sponsored by David R. Suetterlein.
- What is the current status of SB 514?
- This bill has been enacted into law. Introduced January 09, 2018. Enacted.
- Where can I track SB 514?
- Track SB 514 free on One Click Politics — get push/email alerts when it moves.
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