Bill Text: VA SB510 | 2022 | Regular Session | Comm Sub
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-Comm_Sub.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 up to 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 real estate 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 up to 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.
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, within 30 days of receiving
written notification of a broker's death or disability, grant approval
to one of the following individuals to carry on the business of the
deceased or disabled broker for up to 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:
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 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.
2. That the Department of Professional and Occupational Regulation shall amend the broker renewal license application form to require applicants for a renewal real estate broker license to state there has been no change to the licensed broker designated pursuant to subsection A of §54.1-2109.
