55-526 - Definitions. - Virginia Statutes

§ 55-526. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Commercial real estate" means any real estate other than (i) real estatecontaining one to four residential units or (ii) real estate classified forassessment purposes under the provisions of Article 4 (§ 58.1-3230 et seq.)of Chapter 32 of Title 58.1. Commercial real estate shall not include singlefamily residential units, including condominiums, townhouses, apartments orhomes in a subdivision when leased on a unit by unit basis even though theseunits may be part of a larger building or parcel of real estate containingmore than four residential units.

"Principal broker" shall have the same meaning as provided in theregulations promulgated by the Real Estate Board.

(1992, c. 877; 2009, c. 262.)