                                 CODE OF VIRGINIA

LICENSES REQUIRED (§ 54.1-2106.1)

A. No business entity, other than a sole proprietorship, shall act, offer to
act, or advertise to act, as a real estate firm without a real estate firm
license from the Board. Such firm may be granted a license in a fictitious name.
No business entity shall be granted a firm license unless (i) every managing
member of a limited liability company, officer of a corporation, partner within
a partnership, or associate within an association who actively participates in
the firm brokerage business holds a license as a real estate broker; and (ii)
every employee or independent contractor who acts as a salesperson for such
business entity holds a license as a real estate salesperson or broker. An
individual holding a broker&#8217;s license may operate a real estate brokerage
firm which he owns as a sole proprietorship without any further licensure by the
Board, although such individual shall not operate the brokerage firm in a
fictitious name. However, nothing herein shall be construed to prohibit a broker
operating a brokerage firm from having a business entity separate from the
brokerage firm for such broker&#8217;s own real estate business, provided that
such separate business entity otherwise complies with this section. A
non-broker-owned sole proprietorship shall obtain a license from the Board.

B. No individual shall act as a broker without a real estate broker&#8217;s
license from the Board. An individual who holds a broker&#8217;s license may act
as a salesperson for another broker. A broker may be an owner, member, or
officer of a business entity salesperson as defined in subsection C.

C. No individual shall act as a salesperson without a salesperson&#8217;s
license from the Board. A business entity may act as a salesperson with a
separate business entity salesperson&#8217;s license from the Board. No business
entity shall be granted a business entity salesperson&#8217;s license unless
every owner or officer who actively participates in the brokerage business of
such entity holds a license as a salesperson or broker from the Board. The Board
shall establish standards in its regulations for the names of business entity
salespersons when more than one licensee is an owner or officer.

D. No group of individuals consisting of one or more real estate brokers or real
estate salespersons, or a combination thereof, shall act as a real estate team
without first obtaining a business entity salesperson&#8217;s license from the
Board. A real estate team may hire one or more unlicensed assistants, as
employees or independent contractors, as otherwise provided by law.

E. If any principal broker maintains more than one place of business within the
Commonwealth, such principal broker shall be required to obtain a branch office
license from the Board for each additional place of business maintained other
than his primary place of business noted on the firm license application. A copy
of the branch office license shall be kept on the premises of the branch office.
No branch office license shall be required for (i) a location that the principal
broker, or those employed by or affiliated as an independent contractor with the
principal broker, does not own, lease, or maintain exclusive access to,
maintenance of, and control of, unless it is held out to the public as a
location where such persons or entities are regularly engaging in the activities
of a real estate broker or salesperson; (ii) a motor vehicle or watercraft;
(iii) a place that is solely devoted to advertising real estate matters of a
general nature or to making a real estate broker&#8217;s business name generally
known such as a trade show or expo; (iv) a residence, unless it is held out to
the public as a location where the principal broker, or those employed by or
affiliated as an independent contractor with the principal broker, is regularly
engaging in the activities of a real estate broker or salesperson; (v) a post
office box, mail drop location, or other similar facility; or (vi) a public
location such as a coffee shop or restaurant.

HISTORY: 1996, c. 993; 1998, c. 265; 1999, cc. 82, 105; 2008, c. 319; 2012, c.
750; 2018, cc. 223, 224; 2019, cc. 179, 395; 2024, cc. 327, 352.