Virginia License Law
A Virginia real estate licensee who also provides property management services must ensure their property management activities:
AAre completely separate from their real estate license
BFall under their broker's supervision and comply with VREB regulations✓ Correct
CAre licensed separately by the Virginia Department of Housing
DOnly apply to commercial properties
Explanation
Property management activities — leasing, collecting rent, managing for others — constitute real estate brokerage and must be performed under an active license supervised by the principal broker.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
State-Specific Concepts
License Law
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