Virginia Broker Requirements

Question 1

Must maintain a place of business

Answer 1

In Virginia

Question 2

Display the license name

Answer 2

the brokerage on any signage used at the office. Signs must make it clear to the public that the business is a real estate brokerage, which is done in part by requiring that the licensed name include the words Real Estate, Realty, or the name of a recognized organization of real estate professionals.

Question 3

Notify the VREB of any change of address or name of the brokerage

Answer 3

within 30 days of the change. Since every license held at the brokerage shows the brokerage address, all of these licenses must be reissued when the brokerage address changes, as well.

Question 4

Conduct an audit of the brokerage at least one time within each firm licensing term (a two-year period).

Answer 4

This is to ensure that the brokerage is in compliance with the VREB regulations. The VREB has an audit form that brokers can use. This audit must be kept on file in case the VREB ever asks to see it.

Question 5

Have only one principal broker for the firm

Answer 5

(who can also be the supervising broker), but at least one designated supervising broker for each of the brokerage’s places of business or branch offices. This is to provide adequate supervision and training for each associate broker or salesperson they work with, which leads to:

Question 6

Provide “adequate supervision and training,

Answer 6

which means that supervising brokers help their associate brokers and agents by reviewing and discussing their work to ensure it meets regulations. They review items such as contracts, brokerage agreements, and advertisements. They also need to ensure that the brokerage develops and clearly communicates written policies and procedures for all agents at the brokerage to follow. Finally, they are responsible for making appropriate training available to all of the agents who work at the brokerage

Question 7

Responsible for the maintenance and management of financial records

Answer 7

Principal Brokers

Question 8

Length of time principal brokers are required to keep all records pertaining to real estate records

Answer 8

3 Years

Question 9

Real estate records must be maintained

Answer 9

At the office or designated branch office

Question 10

If records are kept in a branch office

Answer 10

the must be in a VA branch

Question 11

Records contained in the record-keeping system

Answer 11

From whom money was received
Date when received
Date and place of Deposit
Financial disposition

Question 12

Brokerage must be audited every two years

Answer 12

To be in compliance with VREB regs

Question 13

Fail unless info is kept

Answer 13

Every broker agreement

Question 14

Fail unless

Answer 14

Consent to dual agency or dual representation and their disclosures

Question 15

Fail Unless

Answer 15

Each consent to designated agency or reps and disclosures

Question 16

Fail unless

Answer 16

All disclosures of a brokerage relationship to unprecedented parties

Question 17

Fail Unless

Answer 17

A complete copy of all executed contracts of sale, all executed releases from contracts, all executed lease agreements, all executed property management agreements, and every settlement statement that relates to a real estate transaction

Question 18

Audit Fail Unless

Answer 18

Records of disbursements and receipts for funds received for others