§ 54.1-2109 Death or disability of a real estate broker
A. Any licensed broker who is engaged in a sole proprietorship or who is the only licensed broker in a business entity listed in clause (i) of subsection A of § 54.1-2106.1 shall designate another licensed broker to carry on the business for up to 180 days for the sole purpose of concluding the business of such designating broker in the event of the designating broker’s death or disability. Such designation shall be made at the time of application for broker licensure.
B. Only in the event that the designated broker named pursuant to subsection A is unable or unwilling to perform the act of concluding the business, the Real Estate Board shall, within 30 days of receiving written notification of a broker’s death or disability, grant approval to one of the following individuals to carry on the business of the deceased or disabled broker for up to 180 days for the sole purpose of concluding the business:
1. A personal representative qualified by the court to administer the deceased broker’s estate;
2. An agent designated under a power of attorney of the deceased or disabled broker, which designation expressly references this section;
4. An adult family member of the deceased or disabled broker; or
5. An employee of, or an independent contractor affiliated with, the deceased or disabled broker.
C. In the event that none of the individuals in subdivisions B 1 through 5 is available or suitable, the Board may appoint any other licensed broker, with the written consent of such broker, within 30 days of receiving written notification of a broker’s death or disability, to allow such appointed broker to carry on the business of the deceased or disabled broker for the sole purpose of concluding the business within 180 days.
History
This law was first created in 1984. The record of its establishment is cataloged in chapter 283 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 “Acts” aren’t available online. It has been modified 5 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 765; in 2014, chapters 24 and 705; in 2019, chapters 179 and 395; in 2020, chapter 383; in 2022, chapter 725.
1984, c. 283, § 54-731.3; 1988, c. 765; 2014, cc. 24, 705; 2019, cc. 179, 395; 2020, c. 383; 2022, c. 725.