{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2108.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2108.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2108.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2108.html"}],"law_id":86701,"edition_id":1,"section_id":86701,"structure_id":12757,"section_number":"54.1-2108","catch_line":"Protection of escrow funds, etc., held by broker","history":"1973, c. 487, \u00a7 54-764.5; 1988, c. 765; 1997, c. 82; 1998, c. 29.","full_text":"No licensee or any agent of the licensee shall divert or misuse any funds held in escrow or otherwise held by him for another. Where escrow funds or other funds are held by the licensee or his agents and the Real Estate Board or its agents have reason to believe that the licensee is not able to adequately protect the interests of persons involved, or his conduct threatens their interests, the Board shall file a petition with any court of record having equity jurisdiction over the licensee or any of the funds held by him stating the facts upon which it relies. The court may temporarily enjoin further activity by the licensee and take such further action as shall be necessary to conserve, protect and disburse the funds involved, including the appointment of a receiver. If a receiver is appointed his expenses and a reasonable fee as determined by the court shall be paid by the licensee. If the court finds him unable to make such payment, the Board shall determine whether the expenses and fees shall be paid from the Virginia Real Estate Transaction Recovery Fund or from funds received by the Board. Such determination shall be made within thirty days of the Board’s receipt of the court-approved receiver invoices. If the court finds that the licensee was without fault and that he is found not to have violated any provisions of this chapter or of the regulations of the Board, then the receiver’s expenses and fees shall be paid by the Board. Such payments shall be paid from funds received by the Board.","order_by":null,"text":{"0":{"id":310535,"text":"No licensee or any agent of the licensee shall divert or misuse any funds held in escrow or otherwise held by him for another. Where escrow funds or other funds are held by the licensee or his agents and the Real Estate Board or its agents have reason to believe that the licensee is not able to adequately protect the interests of persons involved, or his conduct threatens their interests, the Board shall file a petition with any court of record having equity jurisdiction over the licensee or any of the funds held by him stating the facts upon which it relies. The court may temporarily enjoin further activity by the licensee and take such further action as shall be necessary to conserve, protect and disburse the funds involved, including the appointment of a receiver. If a receiver is appointed his expenses and a reasonable fee as determined by the court shall be paid by the licensee. If the court finds him unable to make such payment, the Board shall determine whether the expenses and fees shall be paid from the Virginia Real Estate Transaction Recovery Fund or from funds received by the Board. Such determination shall be made within thirty days of the Board’s receipt of the court-approved receiver invoices. If the court finds that the licensee was without fault and that he is found not to have violated any provisions of this chapter or of the regulations of the Board, then the receiver’s expenses and fees shall be paid by the Board. Such payments shall be paid from funds received by the Board.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":12757,"edition_id":1,"name":"Regulation of Real Estate Brokers, Salespersons and Rental Location Agents","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12756,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239913,"object_type":"structure","relational_id":12757,"identifier":"1","token":"54.1\/II\/21\/1","url":"\/54.1\/II\/21\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12756,"edition_id":1,"name":"Real Estate Brokers, Sales Persons and Rental Location Agents","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239911,"object_type":"structure","relational_id":12756,"identifier":"21","token":"54.1\/II\/21","url":"\/54.1\/II\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":74059,"structure_id":12757,"section_number":"54.1-2100","catch_line":"Definitions","url":"\/54.1-2100\/","token":"54.1\/II\/21\/1\/54.1-2100","metadata":false},{"id":62721,"structure_id":12757,"section_number":"54.1-2101","catch_line":"Repealed","url":"\/54.1-2101\/","token":"54.1\/II\/21\/1\/54.1-2101","metadata":false},{"id":84706,"structure_id":12757,"section_number":"54.1-2101.1","catch_line":"Preparation of real estate contracts by real estate licensees; translation","url":"\/54.1-2101.1\/","token":"54.1\/II\/21\/1\/54.1-2101.1","metadata":false},{"id":64271,"structure_id":12757,"section_number":"54.1-2102","catch_line":"Repealed","url":"\/54.1-2102\/","token":"54.1\/II\/21\/1\/54.1-2102","metadata":false},{"id":73865,"structure_id":12757,"section_number":"54.1-2103","catch_line":"Exemptions from chapter","url":"\/54.1-2103\/","token":"54.1\/II\/21\/1\/54.1-2103","metadata":false},{"id":75416,"structure_id":12757,"section_number":"54.1-2104","catch_line":"Real Estate Board; membership; chairman; seal","url":"\/54.1-2104\/","token":"54.1\/II\/21\/1\/54.1-2104","metadata":false},{"id":57299,"structure_id":12757,"section_number":"54.1-2105","catch_line":"General powers of Real Estate Board; regulations; educational and experience requirements for licensure","url":"\/54.1-2105\/","token":"54.1\/II\/21\/1\/54.1-2105","metadata":false},{"id":54159,"structure_id":12757,"section_number":"54.1-2105.01","catch_line":"Educational requirements for all salespersons within one year of licensure","url":"\/54.1-2105.01\/","token":"54.1\/II\/21\/1\/54.1-2105.01","metadata":false},{"id":74762,"structure_id":12757,"section_number":"54.1-2105.02","catch_line":"Regulation of real estate education providers and courses","url":"\/54.1-2105.02\/","token":"54.1\/II\/21\/1\/54.1-2105.02","metadata":false},{"id":84187,"structure_id":12757,"section_number":"54.1-2105.03","catch_line":"Continuing education; relicensure of brokers and salespersons","url":"\/54.1-2105.03\/","token":"54.1\/II\/21\/1\/54.1-2105.03","metadata":false},{"id":72873,"structure_id":12757,"section_number":"54.1-2105.04","catch_line":"Education requirements; reactivation of licenses; waiver","url":"\/54.1-2105.04\/","token":"54.1\/II\/21\/1\/54.1-2105.04","metadata":false},{"id":72851,"structure_id":12757,"section_number":"54.1-2105.1","catch_line":"Other powers and duties of the Real Estate Board","url":"\/54.1-2105.1\/","token":"54.1\/II\/21\/1\/54.1-2105.1","metadata":false},{"id":60480,"structure_id":12757,"section_number":"54.1-2105.2","catch_line":"Cease and desist orders for unlicensed activity; civil penalty","url":"\/54.1-2105.2\/","token":"54.1\/II\/21\/1\/54.1-2105.2","metadata":false},{"id":57996,"structure_id":12757,"section_number":"54.1-2106","catch_line":"Repealed","url":"\/54.1-2106\/","token":"54.1\/II\/21\/1\/54.1-2106","metadata":false},{"id":65670,"structure_id":12757,"section_number":"54.1-2106.1","catch_line":"Licenses required","url":"\/54.1-2106.1\/","token":"54.1\/II\/21\/1\/54.1-2106.1","metadata":false},{"id":53952,"structure_id":12757,"section_number":"54.1-2106.2","catch_line":"Certification of audit on renewal of firm or sole proprietorship license","url":"\/54.1-2106.2\/","token":"54.1\/II\/21\/1\/54.1-2106.2","metadata":false},{"id":79185,"structure_id":12757,"section_number":"54.1-2107","catch_line":"Repealed","url":"\/54.1-2107\/","token":"54.1\/II\/21\/1\/54.1-2107","metadata":false},{"id":86701,"structure_id":12757,"section_number":"54.1-2108","catch_line":"Protection of escrow funds, etc., held by broker","url":"\/54.1-2108\/","token":"54.1\/II\/21\/1\/54.1-2108","metadata":false},{"id":65659,"structure_id":12757,"section_number":"54.1-2108.1","catch_line":"Protection of escrow funds, etc., held by a real estate broker in the event of foreclosure of real property; required deposits","url":"\/54.1-2108.1\/","token":"54.1\/II\/21\/1\/54.1-2108.1","metadata":false},{"id":57978,"structure_id":12757,"section_number":"54.1-2108.2","catch_line":"Protection of escrow funds, etc., held by a real estate broker in the event of termination of a real estate purchase contract","url":"\/54.1-2108.2\/","token":"54.1\/II\/21\/1\/54.1-2108.2","metadata":false},{"id":81601,"structure_id":12757,"section_number":"54.1-2109","catch_line":"Death or disability of a real estate broker","url":"\/54.1-2109\/","token":"54.1\/II\/21\/1\/54.1-2109","metadata":false},{"id":54153,"structure_id":12757,"section_number":"54.1-2110","catch_line":"Resident broker to maintain place of business in Virginia","url":"\/54.1-2110\/","token":"54.1\/II\/21\/1\/54.1-2110","metadata":false},{"id":67502,"structure_id":12757,"section_number":"54.1-2110.1","catch_line":"Duties of supervising broker","url":"\/54.1-2110.1\/","token":"54.1\/II\/21\/1\/54.1-2110.1","metadata":false},{"id":61962,"structure_id":12757,"section_number":"54.1-2111","catch_line":"Consent to suits and service of process by nonresidents; manner of service","url":"\/54.1-2111\/","token":"54.1\/II\/21\/1\/54.1-2111","metadata":false},{"id":55700,"structure_id":12757,"section_number":"54.1-2111.1","catch_line":"Voluntary compliance program; real estate brokers","url":"\/54.1-2111.1\/","token":"54.1\/II\/21\/1\/54.1-2111.1","metadata":false}],"previous_section":{"id":79185,"structure_id":12757,"section_number":"54.1-2107","catch_line":"Repealed","url":"\/54.1-2107\/","token":"54.1\/II\/21\/1\/54.1-2107","metadata":false},"next_section":{"id":65659,"structure_id":12757,"section_number":"54.1-2108.1","catch_line":"Protection of escrow funds, etc., held by a real estate broker in the event of foreclosure of real property; required deposits","url":"\/54.1-2108.1\/","token":"54.1\/II\/21\/1\/54.1-2108.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2108\/","history_text":"

This law was first created in 1973. The record of its establishment is cataloged in chapter 487 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 765; in 1997, chapter 82<\/a>; in 1998, chapter 29<\/a>.<\/p>","references":[{"id":55889,"section_number":"55.1-1226","catch_line":"Security deposits","order_by":null,"url":"\/55.1-1226\/"}],"refers_to":false,"permalink":{"id":239983,"object_type":"law","relational_id":86701,"identifier":"54.1-2108","token":"54.1\/II\/21\/1\/54.1-2108","url":"\/54.1-2108\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2108\/","token":"54.1\/II\/21\/1\/54.1-2108","dublin_core":{"Title":"Protection of escrow funds, etc., held by broker","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2108","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No licensee or any agent of the licensee shall divert or misuse any funds held in escrow or otherwise held by him for another. Where escrow funds or other funds are held by the licensee or his agents and the Real Estate Board or its agents have reason to believe that the licensee is not able to adequately protect the interests of persons involved, or his conduct threatens their interests, the Board shall file a petition<\/span> with any court<\/span> of record having equity<\/span> jurisdiction<\/span> over the licensee or any of the funds held by him stating the facts<\/span> upon which it relies. The court<\/span> may temporarily enjoin further activity by the licensee and take such further action as shall be necessary to conserve, protect and disburse the funds involved, including the appointment of a receiver. If a receiver is appointed his expenses and a reasonable fee as determined by the court<\/span> shall be paid by the licensee. If the court<\/span> finds him unable to make such payment, the Board shall determine whether the expenses and fees shall be paid from the Virginia Real Estate Transaction Recovery Fund or from funds received by the Board. Such determination shall be made within thirty days of the Board’s receipt of the court<\/span>-approved receiver invoices. If the court<\/span> finds that the licensee was without fault and that he is found not to have violated any provisions of this chapter or of the regulations of the Board, then the receiver’s expenses and fees shall be paid by the Board. Such payments shall be paid from funds received by the Board.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROTECTION OF ESCROW FUNDS, ETC., HELD BY BROKER (\u00a7 54.1-2108)\n\nNo licensee or any agent of the licensee shall divert or misuse any funds held\nin escrow or otherwise held by him for another. Where escrow funds or other\nfunds are held by the licensee or his agents and the Real Estate Board or its\nagents have reason to believe that the licensee is not able to adequately\nprotect the interests of persons involved, or his conduct threatens their\ninterests, the Board shall file a petition with any court of record having\nequity jurisdiction over the licensee or any of the funds held by him stating\nthe facts upon which it relies. The court may temporarily enjoin further\nactivity by the licensee and take such further action as shall be necessary to\nconserve, protect and disburse the funds involved, including the appointment of\na receiver. If a receiver is appointed his expenses and a reasonable fee as\ndetermined by the court shall be paid by the licensee. If the court finds him\nunable to make such payment, the Board shall determine whether the expenses and\nfees shall be paid from the Virginia Real Estate Transaction Recovery Fund or\nfrom funds received by the Board. Such determination shall be made within thirty\ndays of the Board’s receipt of the court-approved receiver invoices. If\nthe court finds that the licensee was without fault and that he is found not to\nhave violated any provisions of this chapter or of the regulations of the Board,\nthen the receiver’s expenses and fees shall be paid by the Board. Such\npayments shall be paid from funds received by the Board.\n\nHISTORY: 1973, c. 487, \u00a7 54-764.5; 1988, c. 765; 1997, c. 82; 1998, c. 29.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}