Virginia License Law
A Virginia licensee's principal broker retires and the brokerage closes. The licensee must:
AAutomatically have their license suspended
BTransfer their license to a new principal broker within 30 days
CFile for inactive status immediately
DNotify VREB and transfer their license to another broker within the time allowed by VREB✓ Correct
Explanation
When a principal broker's license is terminated or the brokerage closes, affiliated licensees must notify VREB and arrange to transfer their license to another broker. VREB sets the allowable transfer period.
Related Virginia Virginia License Law Questions
- The Virginia DPOR website allows the public to look up the status of any real estate licensee. This is significant because:
- A Virginia licensee who represents themselves as a 'real estate counselor' when providing investment advice for compensation but without a license is:
- Which state agency regulates real estate licenses in Virginia?
- A Virginia broker who fails to maintain required trust account records may face which VREB sanction?
- The Virginia Real Estate Transaction Recovery Fund is funded by:
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- A Virginia licensee who wants to operate as an independent broker must:
- The Virginia Residential Property Disclosure Act requires sellers of residential property to:
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