Bill Text: VA SB510 | 2022 | Regular Session | Prefiled
Bill Title: Real Estate Board; death or disability of a real estate broker.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2022-04-27 - Governor: Acts of Assembly Chapter text (CHAP0725) [SB510 Detail]
Download: Virginia-2022-SB510-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That §§54.1-2105.1 and 54.1-2109 of the Code of Virginia are amended and reenacted as follows:
§54.1-2105.1. Other powers and duties of the Real Estate Board.
In addition to the provisions of §§54.1-2105.01 through 54.1-2105.04, the Board shall:
1. Develop a residential property disclosure statement form for use in accordance with the provisions of the Virginia Residential Property Disclosure Act (§55.1-700 et seq.) and maintain such statement on its website. The Board shall also develop and maintain on its website a one-page form to be signed by the parties acknowledging that the purchaser has been advised of the disclosures listed in the residential property disclosure statement located on the Board's website; and
2. Inform licensed brokers, in a manner deemed appropriate by
the Board, of the broker's ability requirement, pursuant to §54.1-2109,
to designate an agent pursuant to
§54.1-2109 another licensed
broker to carry on the business for 180 days for the
sole purpose of concluding the business of such
designating broker in the event of the
designating broker's death or disability.
§54.1-2109. Death or disability of a broker.
Upon the death or
disability of a licensed real estate broker who was A. Any licensed broker who is engaged in a sole proprietorship or who was is the
only licensed broker in a business entity listed in clause (i) of subsection A
of §54.1-2106.1 shall designate
another licensed broker to carry on the business for 180 days for the
sole purpose of concluding the business of such
designating broker in the event of the designating broker's death or
disability. Such designation shall be made at the time of
application for broker licensure and at the time of each
renewal application thereafter.
B. Only
in the event that the designated broker named pursuant to subsection A is
unable or unwilling to perform the act of concluding the business, the Real Estate Board shall grant approval to carry on
the business of the deceased or disabled broker for 180 days following the
death or disability of the broker solely
for the sole purpose of concluding the
business of the deceased or disabled broker in
the following order to one of the
following individuals:
1. A personal representative qualified by the court to
administer the deceased broker's estate.;
2. If there is no
personal representative qualified pursuant to subdivision 1, then an An agent designated under a
power of attorney of the disabled or
deceased or disabled broker, which
designation expressly references this section.;
3. If there is no agent
designated pursuant to subdivision 2, the The executor nominated in the
deceased broker's will.;
4. If there is no
executor nominated pursuant to subdivision 3, then an An adult family member of the disabled or deceased or disabled broker.; or
5. If there is no adult
family member nominated pursuant to subdivision 4, then an An employee of, or an
independent contractor affiliated with, the
disabled or deceased or disabled
broker.
C. In
the event that none of the foregoing is individuals in subsection B 1
through 5 are available or suitable, the
Board may
shall appoint any other suitable
person to terminate licensed broker, with the written consent of such
broker, within 30 days of receiving written notification of a broker's death or
disability, to allow such appointed broker to carry on the business of the
deceased or disabled broker for the sole
purpose of concluding the business within 180 days.