Virginia’s Regulatory Framework for Real Estate Agents and Brokers
Virginia Code Section 54.1-2100 and its subsequent sections offer a comprehensive regulatory framework for Real Estate Brokers and Real Estate Agents in Virginia. These regulations are further elaborated in the Virginia Administrative Code (VAC), which is overseen by the Virginia Real Estate Board. A Real Estate Broker must be licensed to practice in Virginia, as mandated by Va. Code Ann. § 54.1-2100. This licensing requirement aims to protect the public from fraudulent and incompetent practices. You can verify a broker or agent’s license at the Department of Professional and Occupational Regulation (DPOR) website.
Facing Disciplinary Actions: How Fox & Moghul Can Help
As the leading firm in this area, Fox & Moghul has successfully represented numerous Real Estate Brokers and Real Estate Agents facing disciplinary actions. The Virginia Real Estate Board has the authority to impose fines, suspend, or revoke licenses for violations of the statute or its regulations.
Fiduciary Duties of Real Estate Agents and Brokers
The relationship between Real Estate Agents and their clients is considered a fiduciary one under Virginia law. Agents and brokers are required to “exercise ordinary care” and fulfill specific duties, including:
Liability and the “Broker Shield” Statute
Virginia Code 54.1-2142.1, commonly known as the “Broker Shield” Statute, generally protects Real Estate Agents from liability for false information provided, unless the agent had actual knowledge of the falsity or acted recklessly.
Contact Fox & Moghul for Expert Legal Consultation
Our firm is highly experienced in all aspects of Real Estate Agent and Real Estate Broker legal relationships and compliance. Contact Fox & Moghul today to set up a consultation. Fox & Moghul is not just a law firm; we are educators in the field. See our CLE Seminar on “Examining A Real Estate Broker’s Liability to the Purchaser In Residential Real Estate Transactions In Virginia.”