                                 CODE OF VIRGINIA

VOLUNTARY COMPLIANCE PROGRAM; REAL ESTATE BROKERS (§ 54.1-2111.1)

A. The Board shall promulgate regulations to allow the audit of the practices,
policies, and procedures of a real estate broker licensed by the Board, either
through a third party retained by the real estate broker or through a
self-audit, and if the broker is determined by such audit to not be in
compliance with the provisions of this chapter or applicable regulations of the
Board, to allow for the broker to enter into a voluntary compliance program to
bring the broker&#8217;s practices, policies, and procedures into compliance
with applicable laws and regulations. The broker shall notify the Board of the
discovery of any noncompliance within 30 days after discovery and shall submit a
written statement with a plan to bring the practices, policies, and procedures
into voluntary compliance, which completion of such voluntary compliance shall
not exceed a period of 90 days from the date that the plan is submitted to the
Board.

B. Certification by the broker or auditor of such broker shall constitute
immunity from an enforcement action under this chapter or under the applicable
regulations of the Board.

C. The provisions of this section do not apply if the noncompliance by the
broker was intentional or a result of gross negligence of the broker, including
any actions by an unlicensed employee negotiating the provisions of a rental
agreement as prohibited under subsection C of &#xA7; 54.1-2103.

HISTORY: 2010, cc. 373, 637; 2025, cc. 463, 466.