                                 CODE OF VIRGINIA

DEFINITIONS (§ 54.1-2100)

As used in this chapter:
		&#8220;Branch office&#8221; means any place of business of a principal broker
in the Commonwealth that is not his primary place of business.
		&#8220;Distance learning&#8221; means instruction delivered by an approved
provider through a medium other than a classroom setting. Such courses shall be
those offered by an accredited institution of higher education, high school
offering adult distributive education courses, other school or educational
institution, or real estate professional association or related entities.
		&#8220;Place of business&#8221; means a location where the principal broker,
or individuals or business entities employed by or affiliated as an independent
contractor with the principal broker, regularly transacts the business of a real
estate broker or salesperson. The primary place of business is the physical
address provided on the firm license application form submitted to the Real
Estate Board.
		&#8220;Real estate broker&#8221; means any individual or business entity,
including a partnership, association, corporation, or limited liability company,
who, for compensation or valuable consideration, (i) sells or offers for sale,
buys or offers to buy, or negotiates the purchase or sale or exchange of real
estate, including units or interest in condominiums, cooperative interest as
defined in § 55.1-2100, or time-shares in a time-share program even though they
may be deemed to be securities; (ii) leases or offers to lease, or rents or
offers for rent, any real estate or the improvements thereon for others; or
(iii) sells or offers to sell, buys or offers to buy, negotiates, or otherwise
deals in real estate contracts, including assignable contracts, on two or more
occasions in any 12-month period.
		&#8220;Real estate salesperson&#8221; means any individual or business entity
who is employed either directly or indirectly by, or affiliated as an
independent contractor with, a real estate broker to perform the duties of a
real estate broker for compensation or valuable consideration.
		&#8220;Real estate team&#8221; means two or more individuals, one or more of
whom is a real estate salesperson or broker, who (i) work together as a unit
within the same brokerage firm, (ii) represent themselves to the public as
working together as one unit, and (iii) designate themselves by a fictitious
name.
		&#8220;Supervising broker&#8221; means a real estate broker who has been
designated by a principal broker to supervise the provision of real estate
brokerage services by associate brokers and salespersons assigned to a branch
office or a real estate team.

HISTORY: Code 1950, § 54-730; 1974, c. 409; 1982, c. 440; 1984, c. 283; 1988,
c. 765; 1996, c. 993; 2001, c. 548; 2007, c. 809; 2018, cc. 223, 224; 2024, cc.
327, 352, 459, 621.