Code of Virginia
Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents
§ 54.1-2106.1. Licenses required

A. 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. 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; and (ii) every employee or independent contractor who acts as a salesperson for such business entity holds a license as a real estate salesperson or broker. An individual holding a broker's license may operate a real estate brokerage firm which he owns as a sole proprietorship without any further licensure by the Board, although such individual shall not operate the brokerage firm in a fictitious name. 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 sole proprietorship shall obtain a license from the Board.
B. No individual shall act as a broker without a real estate broker's license from the Board. An individual who holds a broker's license may act as a salesperson for another broker. A broker may be an owner, member, or officer of a business entity salesperson as defined in subsection C.
C. No individual shall act as a salesperson without a salesperson's license from the Board. A business entity may act as a salesperson with a separate business entity salesperson's license 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 entity salespersons when more than one licensee is an owner or officer.
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. A real estate team may hire one or more unlicensed assistants, as employees or independent contractors, as otherwise provided by law.
E. If any principal broker maintains more than one place of business within the Commonwealth, such principal broker shall be required to obtain a branch office license from the Board for each place of business maintained. A copy of the branch office license shall be kept on the premises of the branch office.
1996, c. 993; 1998, c. 265; 1999, cc. 82, 105; 2008, c. 319; 2012, c. 750; 2018, cc. 223, 224; 2019, cc. 179, 395.

Structure Code of Virginia

Code of Virginia

Title 54.1 - Professions and Occupations

Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents

§ 54.1-2100. Definitions

§ 54.1-2101. Real estate salesperson defined

§ 54.1-2101.1. Preparation of real estate contracts by real estate licensees; translation

§ 54.1-2102. Repealed

§ 54.1-2103. Exemptions from chapter

§ 54.1-2104. Real Estate Board; membership; chairman; seal

§ 54.1-2105. General powers of Real Estate Board; regulations; educational and experience requirements for licensure

§ 54.1-2105.01. Educational requirements for all salespersons within one year of licensure

§ 54.1-2105.02. Regulation of real estate education providers and courses

§ 54.1-2105.03. Continuing education; relicensure of brokers and salespersons

§ 54.1-2105.04. Education requirements; reactivation of licenses; waiver

§ 54.1-2105.1. (Effective until January 1, 2023) Other powers and duties of the Real Estate Board

§ 54.1-2105.1. (Effective January 1, 2023) Other powers and duties of the Real Estate Board

§ 54.1-2105.2. Cease and desist orders for unlicensed activity; civil penalty

§ 54.1-2106. Repealed

§ 54.1-2106.1. Licenses required

§ 54.1-2106.2. Certification of audit on renewal of firm or sole proprietorship license

§ 54.1-2107. Certain action to constitute real estate broker or salesperson

§ 54.1-2108. Protection of escrow funds, etc., held by broker

§ 54.1-2108.1. Protection of escrow funds, etc., held by a real estate broker in the event of foreclosure of real property; required deposits

§ 54.1-2108.2. Protection of escrow funds, etc., held by a real estate broker in the event of termination of a real estate purchase contract

§ 54.1-2109. (Effective until January 1, 2023) Death or disability of a real estate broker

§ 54.1-2109. (Effective January 1, 2023) Death or disability of a real estate broker

§ 54.1-2110. Resident broker to maintain place of business in Virginia

§ 54.1-2110.1. Duties of supervising broker

§ 54.1-2111. Consent to suits and service of process by nonresidents; manner of service

§ 54.1-2111.1. Voluntary compliance program; real estate brokers

§ 54.1-2112. Definitions

§ 54.1-2113. Establishment and maintenance of fund, duty of Director, assessments of regulants

§ 54.1-2114. Recovery from fund generally

§ 54.1-2115. Investigations

§ 54.1-2116. Limitations upon recovery from fund; certain actions not a bar to recovery

§ 54.1-2117. Participation by Board in proceedings

§ 54.1-2118. Payment of claim; assignment of claimant's rights to Board

§ 54.1-2119. Revocation of license of regulant upon payment from fund

§ 54.1-2120. No waiver by Board of disciplinary action against regulant

§ 54.1-2130. Definitions

§ 54.1-2131. Licensees engaged by sellers

§ 54.1-2132. Licensees engaged by buyers

§ 54.1-2133. Licensees engaged by landlords to lease property

§ 54.1-2134. Licensees engaged by tenants

§ 54.1-2135. Licensees engaged to manage real estate

§ 54.1-2136. Preconditions to brokerage relationship

§ 54.1-2137. Commencement and termination of brokerage relationships

§ 54.1-2138. Disclosure of brokerage relationship in residential real estate transactions

§ 54.1-2138.1. Limited service agent in a residential real estate transaction, contract disclosure required

§ 54.1-2138.2. Duty to disclose ownership interest in specific real property

§ 54.1-2139. Disclosed dual agency and dual representation authorized in a residential real estate transaction

§ 54.1-2139.01. Disclosed dual agency and dual representation in commercial real estate transactions authorized

§ 54.1-2139.1. Designated standard agency or designated representation authorized in a residential real estate transaction

§ 54.1-2139.2. Repealed

§ 54.1-2140. Compensation shall not imply brokerage relationship

§ 54.1-2141. Brokerage relationship not created by using common source information company

§ 54.1-2142. Liability; knowledge not to be imputed

§ 54.1-2142.1. Liability for false information

§ 54.1-2143. Real estate board regulations to be consistent

§ 54.1-2144. Common law abrogated

§ 54.1-2145. Article does not limit antitrust laws

§ 54.1-2146. Licensee maintenance of records