2006 Code of Virginia § 54.1-2106.1 - Licenses required

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) everymember or officer who actively participates in the firm brokerage businessholds a license as a real estate broker and (ii) every employee orindependent contractor who acts as a salesperson for such business entityholds a license as a real estate salesperson or broker. An individual holdinga broker's license may operate a real estate brokerage firm which he owns asa sole proprietorship without any further licensure by the Board, althoughsuch individual shall not operate in a fictitious name. A non-broker-ownedsole proprietorship shall obtain a license 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.)