The legislation defines a Real Estate Team as “any individual, or business entity, who for compensation or valuable consideration is employed either directly or indirectly by, or affiliated as an independent contractor with, a real estate broker, to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale or exchange of real estate […].” As of January 1, 2019, all Real Estate Teams must be registered with DPOR and have a business entity salesperson license. This allows consumers and other members of the general public to search on-line at DPOR for a Real Estate Team. All brokerage agreements (buyer’s and seller’s agreements) will include the name and contact information of the supervising broker.
This legislation establishes in statute a right for the real estate broker to give written notice to the parties and disburse an earnest money deposit in accordance with the clear terms of a real estate purchase contract. The legislation also gives a broker an option to give written notice of intended disbursement, with a 15-day “protest period” for one of the parties to object in writing. If a party objects in writing, the matter would be referred to the court system. The legislation further allocates 2 hours of the existing 8-hour broker education hours to the requirements for broker supervision under the Code of Virginia and the Real Estate Board Regulations and adds real estate finance to the existing curriculum for post-licensure education.