Broker Resources FAQ

• I am a new Principal Broker and I have recently opened a new brokerage. What are the steps to take in setting up a new brokerage profile with NVAR, if I am not currently a member?

  Please complete an Online NVAR Membership Application in addition to the New Firm Application. Please select 'No Broker' during the Online NVAR Membership Application process. Once your firm application is received, we will attach your active member record to your firm as a principal broker.

• Are there any fees involved with setting up a new Brokerage with NVAR?

  The Principal Owner of the Broker must pay the standard NVAR Membership dues. There are no additional fees. 

• I am interested in starting a Brokerage, what are the steps in doing so?

  To become a broker in the state of Virginia, you must:

  • Be a licensed agent for 36 out of 48 months consecutively
  • Complete 180 classroom hours of real estate broker pre-licensing courses approved by the VREB (Broker Appraisal, Broker Finance, Broker Law, Broker Management)
  • Pass the PSI Virginia Exam for Brokers

  More information can be found on our Broker Pre-Licensing page.

• What is the difference between a Sole Proprietor, Partnership, Corporation, and LLC?

  Sole Proprietorship - "An unincorporated business owned and run by one individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities." 
  
  LLC - "Many sole proprietors turn to an LLC for some legal protection. The owners and any officers and directors are personally protected from the financial and legal liabilities of the company, including their own negligence in operating the business."
  
  Partnership -" A partnership is a business entity that is managed by two or more individuals where each owner has rights to the business, contributes financially, manages operations and shares in the business's liabilities." 
  
  Corporation - "A corporation is owned by one or more stockholders and managed by a board of directors (which may consist of only one person) elected by the stockholders."