va law 1 notes

All money in the escrow accounts, checks and bank statements must be labeled

"escrow" and designated as such

If the licensee is found guilty, the board may impose monetary penalties of up to

$1,000 per violation and may suspend, revoke, or deny renewal of the person's license. Since the board is not a court of law, decisions of the board can be appealed to a court of competent jurisdiction within 30 days

Banner ads

A link to disclosure is required unless the banner ad contains the disclosure.

E-mail, newsgroups, discussion lists, bulletin boards

All such formats shall include disclosure at the beginning or end of each message.

Any person appointed to the real estate board, serves for

Appointments are made by the Governor for terms of four years. A member may be reappointed for one additional four-year term. Members of the Board select the chairperson.

The web

If a firm or licensee owns a Web page or controls its content, the viewable page must include disclosure or a link to disclosure.

Branch office license:

If a real estate broker maintains more than one place of business within the state, a branch office license must be issued for each place of business

A licensee who has had his or her license in inactive status for more than three years will have to

Meet current educational requirements and have completed continuing education within the past two years.

A licensed salesperson can represent a Virginia broker other than his or her principal broker under which of the following circumstances?

With the written consent of the brokers being represented.

"Firm

any sole proprietorship (non-broker owner), partnership, association, limited liability company, or corporation, other than a sole proprietorship

"Supervising broker

individual broker designated by the principal broker to supervise

When any principal broker is discharged or in any way terminates his active status

the firm must notify the board and return the license by certified mail to the board within three business days of termination or status change.

The 30 hours of post licensing must be completed

within one year of licensure regardless of whether the license is active or inactive. Topics include 3 hours each of fair housing, offer to purchase, agency, law, and ethics; as well as 15 hours of related, approved post-licensing.

licensee must produce to the board or any of its agents any document, book, or record concerning any real estate transaction in which the licensee was involved within

10 days of the request

All initial applications for licensure must be made within

12 months of examination date.

Salespeople will need the following to meet the continuing education requirements:

A minimum of three hours of ethics •Two hours of fair housing •One hour of legal updates •One hour of agency •One hour of contracts •Plus eight hours of elective credits

For other advertising, disclosure includes

Advertising by the firm must include the firm's licensed name and the firm's address ◦Advertising by an affiliated licensee must include the licensee's name, the name of the firm with which the licensee is active and the firm's address.

There are two instances in which disciplinary action will result in automatic license suspension or revocation:

Any licensee who does not pay the assessment, within the specified time, to the Transaction Recovery Fund will have his or her license automatically suspended. •If a payment is made from the Transaction Recovery Fund, the license of the licensee named in the complaint will be automatically revoked.

The board does not do the following

Arbitrate disputes between salespeople and brokers •Arbitrate disputes between brokers •Establish commission rates or commission splits •Standardize listing agreements, sales contracts, or any other forms used in the industry

Instant messages.

Disclosure is not necessary in this format if the firm or licensee provided the disclosures via another format prior

Voice Over Net

Disclosure is required prior to advertising or the disclosure text must be visible on the same Web page that contains the VON session

Chat/lnternet-based dialogue

Disclosure is required prior to providing, or offering to provide, licensable services during the chat session, or in text visible on the same Web page that contains the chat session if the licensee controls the Web site hosting the chat session.

During the time of the injunction, the board will also request that the court appoint a receiver to take over the handling of the account until such time as the investigation is completed and the broker's guilt or innocence is determined.

If found guilty, the broker is responsible for paying the receiver's fee out of his/her own funds. If unable to pay it, the fee will be paid from the Transaction Recovery Fund or from funds received by the board, and the broker's license would be immediately revoked. If the broker is not found guilty, the receiver's fee would be paid by the board. Such payments shall be paid from funds received by the board.

The board has the authority to do the following

Issue and renew real estate licenses •Suspend, revoke, or deny renewal of licenses •Determine license fees •Levy fines for violations of license law or rules and regulations

Renewal fees are as follows

Salesperson - $65 •Business Entity - $90 •Broker/Sole Proprietor - $90 •Concurrent Broker - $80 •Firm - $160 •Branch -$90

In addition, the board is charged with the responsibility of administering

The Virginia Fair Housing Act •The Virginia Real Estate Transaction Recovery Fund

General requirements for licensure as either a salesperson or broker include which of the following? Virginia residency of 1 year A degree in real estate U.S. Citizenship Applicant must be at least 18 years of age

The applicant must be at least 18 years of age; neither residency nor citizenship is a requirement.

If money is held in escrow, each firm or sole proprietorship must maintain it in one or more federally insured separate escrow accounts

The balance in the escrow accounts must be sufficient at all times to account for all funds that are designated to be held by the firm or sole proprietorship

If a broker opens a branch office in Virginia, which of the following is true?Upon request, the Board will issue a branch office license. A salesperson with three years experience can manage the branch office The names and addresses of all licensees assigned to the new office must be submitted to the board The broker must assign at least one salesperson to that branch office

The board must issue a branch office license. The branch office must include a public roster of licencees who work out of that location.

"Actively engaged

active licensure with a licensed real estate firm or sole proprietorship

Institutional advertising

advertising in which no real property is identified.

Advertising

all forms of representation, promotion and solicitation disseminated in any manner and by any means of communication to consumers for any purpose related to licensed real estate activity

In the event the transaction is not consummated, the funds must be held in escrow until one of the following occurs:

all principals to the transaction have agreed in writing as to the disposition •a court of competent jurisdiction orders a disbursement of the funds •The broker can pay the funds to the principal who is entitled to receive them in accordance with the "clear and explicit terms of the contract." Under this scenario, written notice must be given to the principal to the transaction who did not receive the deposit.

In terms of lease transactions: •A licensee must disclose to an actual or prospective landlord or tenant who is not the client of the licensee and who is not represented by another licensee, that the licensee has a brokerage relationship with another party or parties to the transaction. Such disclosure shall be in writing

and included in the application for lease or the lease itself, whichever occurs first. If the terms of the lease do not provide for such disclosure, the disclosure must be made in writing not later than the signing of the lease

"Inactive status

any broker or salesperson who is not under the supervision of a principal broker or supervising broker, who is not active with a firm or sole proprietorship

Online advertising that includes the licensee's name must

contain the licensee name, the name of the firm with which the licensee is active, the city and state in which the licensee's office is located and the jurisdiction in which the licensee holds a license

Salespeople and individual brokers must keep the board informed of their current name and home address. Any change of name or address must be reported to the board

in writing within 30 calendar days of that change.

Viewable page

is a page that may or may not scroll beyond the borders of the screen and includes the use of framed pages

Online advertising in the firm's name

must provide disclosure through the firm's licensed name, the city and state in which the firm's main office is located and the jurisdiction in which the firm holds a license

Funds deposited in the escrow account may include money that may ultimately belong to the licensee, but

that money must be separately identified in the escrow account records and paid to the firm by a check drawn on the escrow account when the funds become due to the licensee.

Earnest money deposits and down payments received by the principal broker or supervising broker or his associates must be placed in an escrow account by

the end of the fifth business banking day following ratification of a contract. The exception to this is if there is agreement in writing by the parties to the transaction.

Regardless of the form

the firm's licensed name must be clearly and legibly displayed on all advertising

When any salesperson or broker is discharged or in any way terminates his active status

the sole proprietor or principal broker must return the license by certified mail to the board within 10 calendar days of the date of termination or status change

disclosure must be made

upon having substantive discussions about specific property.

"Active"

any broker or salesperson who is under the supervision of a principal or supervising broker of a firm or sole proprietor