54.1-2106.1 - Licenses required. - Virginia Statutes

§ 54.1-2106.1. Licenses required.

A. No business entity, other than a sole proprietorship, shall act, offer toact, or advertise to act, as a real estate firm without a real estate firmlicense from the Board. Such firm may be granted a license in a fictitiousname. No business entity shall be granted a firm license unless (i) everymanaging member of a limited liability company or officer of a corporationwho actively participates in the firm brokerage business holds a license as areal estate broker and (ii) every employee or independent contractor who actsas a salesperson for such business entity holds a license as a real estatesalesperson or broker. An individual holding a broker's license may operate areal estate brokerage firm which he owns as a sole proprietorship without anyfurther licensure by the Board, although such individual shall not operate ina fictitious name. A non-broker-owned sole proprietorship shall obtain alicense from the Board.

B. No individual shall act as a broker without a real estate broker's licensefrom the Board. An individual who holds a broker's license may act as asalesperson for another broker. A broker acting as a salesperson may be anowner, member, or officer of a business entity salesperson as defined insubsection C.

C. No individual shall act as a salesperson without a salesperson's licensefrom the Board. A business entity may act as a salesperson with a separatebusiness entity salesperson's license from the Board. No business entityshall be granted a business entity salesperson's license unless every owneror officer who actively participates in the brokerage business of such entityholds a license as a salesperson or broker from the Board. The Board shallestablish standards in its regulations for the names of business entitysalespersons when more than one licensee is an owner or officer.

(1996, c. 993; 1998, c. 265; 1999, cc. 82, 105; 2008, c. 319.)