As you may know, new Virginia Real Estate Board Regulations came into effect on April 1.

These changes have been included in VAR Special Counsel Lem Marshall's education classes over the past several months. Additionally, the Real Estate Board outlined the changes in an e-mail communication last week.

Here is a synopsis drafted by Lem for your information:

· 18 VAC 135-20-10: Defines "actively engaged in the brokerage business" to include everyone holding an active license.

· -30 and -60: Amends the requirements for initial licensure and licensure by reciprocity to include a high school diploma or equivalent; clarifies the disclosures required concerning convictions for criminal activity and limits the disclosure period for misdemeanor convictions to those occurring during the preceding five years.

· -100 and -101: Incorporates last year's changes regarding educational requirements for license renewal.

· -105: Requires salespersons licensed by reciprocity to take the state portion of the salesperson's exam when upgrading to broker's license before renewal.

· -160: Requires posting branch office license and roster of agents in a conspicuous place in each branch office. (This changes the previous requirement that such license and roster be available to the public.) Also imposes important new supervision requirements on brokers:

§ Review and approve all documents, including leases, contracts, brokerage agreements, advertising;

§ Be available in timely manner to supervise management of brokerage services;

§ Ensure that brokerage services are carried out competently and in accordance with the law;

§ Take reasonable steps to ensure compliance by all licensees assigned to the branch office;

§ If the broker is located more than 50 miles from the branch, broker must certify compliance with REB regulations by quarterly report to REB;

§ Maintain records for three years.

· -170: Requires licensee professional name to include first or last name and not include any titles.

· -180: Expands broker obligations to report escrow violations; now requires reporting of any violation of board's escrow regulations.

· -190: Requires online listings to be kept current and consistent. Listing information must be consistent with description and status of listing, must be updated in a timely manner, and must state clearly the date of last update.

· -210: Extends broader requirements regarding disclosure of interest to all transactions in which the licensee is a party.

· -220: Amends disclosure of brokerage relationship requirements for short-term leases.

· -280: Requires salespersons or associate brokers to obtain the prior written consent of the broker before (a) using information about the firm's clients, properties or transactions, or (b) being employed by a settlement service provider providing services to clients of the firm.

· -300: Expands requirement to include terms of transactions in written agreements to property management agreements, and tightens rules regarding misrepresentation.

· -345: Allows the board to suspend, revoke, or refuse to renew any or all licenses held by a broker as a result of a disciplinary action.

· -360: Amends provisions for pre-licensure instructor qualifications and proprietary school and course requirements.

· -370: Amends provisions for renewal of proprietary school and instructor certificates.

· -390: Amends provisions by which the board may withdraw its education approval.

For further information, please contact VAR's Law and Policy Department at 804.264.5033.