Responsibility and Authority of VREB Flashcards
This regulation includes a description of the VREB, such as how its members are appointed and its authority and responsibilities when enforcing Chapter 21 regulations.
Code of Virginia Title 54.1, Chapter 21 § 54.1-2104-2105
The Virginia Administrative Code is where you will find details regarding how various Virginia agencies must perform their responsibilities, and the regulations over which they have authority. The VREB is one of these agencies (Agency 135), so this part of the VAC describes how the VREB must carry out its responsibilities regarding licensed real estate professionals, as well as the regulations that it creates in order to enforce the Code of Virginia.
Virginia Administrative Code (VAC) Title 18, Agency 135
License
Real estate brokers and real estate salespersons
Prescribe and enforce standards
licensure and professional conduct
Regulate
the way schools offer real estate courses
Develop criteria
Eval and approval of continuing education course credits
Administer Virginia Real Estate Transaction Recovery Fund
recovery of unsatisfied final judgments against licensed real estate brokers or salespersons.
Cooperates with the Virginia State Bar
to enforce the provisions of the Real Estate Settlement Agents Act as it applies to licensed real estate brokers.
Promulgate regulations to carry out
Virginia Fair Housing Law
Develop residential property disclosure statement form for use
According to existing laws
CRESPA
- Formerly known as the Consumer Real Estate Settlement Agents Act (CRESPA), this act authorizes certain licensed professionals, including real estate brokers, to serve as settlement agents and provide “escrow, closing or settlement services.”
RESPA
federal Real Estate Settlement Procedures Act (RESPA).
VREB is NOT Authorized to enforce standard hours
For all licensees
VREB is NOT Authorized to enforce licensing regs for
Home Inspectors
