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1998 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 54.1-2106.1 of the Code of Virginia is amended and reenacted as follows:
§ 54.1-2106.1. Licenses required.
A. No real estate broker shall act as a broker without a license from the
Board. No business entity, including but not limited to a partnership,
association or corporation, shall be granted a broker's license unless (i)
every owner or officer, who actively participates in its brokerage business,
holds a license as a broker and (ii) every employee and independent contractor
who acts as a salesperson for such business entity holds a license as a real
estate salesperson. A person who holds a license as a broker may act as a
salesperson for another broker. No business entity, other than a
sole proprietorship, shall act, offer to act, or advertise to act, as a real
estate firm without a real estate firm license from the Board. Such firm may
be granted a license in a fictitious name. No business entity shall be granted
a firm license unless (i) every member or officer who actively participates in
the firm brokerage business holds a license as a real estate broker and (ii)
every employee or independent contractor who acts as a salesperson for such
business entity holds a license as a real estate salesperson or broker. An
individual holding a broker's license may operate a real estate brokerage firm
which he owns as a sole proprietorship without any further licensure by the
Board, although such individual shall not operate in a fictitious name. A
non-broker-owned sole proprietorship shall obtain a license from the
Board.
B. No real estate salesperson shall act as a salesperson without a license
from the Board. No business entity shall be granted a salesperson's license
unless every owner or officer, who actively participates in the real estate
business, holds a license as a salesperson. No business entity shall be granted
a license in a fictitious name. However, the Board shall establish standards in
the regulations for the names of such business entities when more than one
licensee is an owner or officer. If a business entity meets the requirements of
this subsection, however, the Board shall issue a license to the said business
entity. No individual shall act as a broker without a real estate
broker's license from the Board. An individual who holds a broker's license
may act as a salesperson for another broker. A broker acting as a salesperson
may be an owner, member, or officer of a business entity salesperson as defined
in subsection C.
C. No individual shall act as a salesperson without a salesperson's license from the Board. A business entity may act as a salesperson with a separate business entity salesperson's license from the Board. No business entity shall be granted a business entity salesperson's license unless every owner or officer who actively participates in the brokerage business of such entity holds a license as a salesperson or broker from the Board. No business entity salesperson of which a single licensee is an owner or officer shall be granted a license in a fictitious name. The Board shall establish standards in its regulations for the names of business entity salespersons when more than one licensee is an owner or officer.