24-Hour Broker Correspondence Renewal (License expires Prior to July 2026)

This course is designed to fulfill the broker management continuing education requirement.  It addresses the planning of a new brokerage business as well as its ongoing operation. The course reviews key provisions of the Code of Virginia and the Virginia Administrative Code that address the supervisory obligations of a Virginia broker related to brokerage office management, licensure, and the real estate activities of their associated licensees.

Course Learning Objectives

Upon completion of the course, the participant will be able to:

• Consider decisions associated with starting a real estate brokerage
• Recall laws related to setting up a Virginia brokerage office
• Identify various types of legal business structure
• Recall Virginia licensing laws and the use of fictitious names
• Recall the duties of a Virginia supervising broker
• Discuss the importance of developing a business plan and defining a company’s mission
• Describe how to define and achieve specific, attainable, and measurable goals
• Recall the types of acceptable agency relationships allowed in Virginia
• Identify requirements related to Virginia real estate teams
• Recall the education and experience requirements for initial broker licensing in Virginia
• Discuss various costs associated with opening and operating a business
• Recall Virginia requirements for financial record management and Board audit procedures
• Identify considerations for developing a company website
• Identify considerations related to financing a business and describe different types of financial statements
• Distinguish between employees and independent contractors and consider other compensation issues
• Recall Virginia statutes and regulations addressing compensation
• Describe the personnel in a brokerage office
• Identify what tasks unlicensed personal assistants in Virginia can and cannot do
• Assess different ways of recruiting agents and how to conduct an interview
• Recall a Virginia licensee’s obligations related to license maintenance
• Recall the training obligations of a Virginia broker
• Identify Virginia requirements related to the preparation of contracts
• Identify typical disclosures that might be required
• Recognize examples of fraud, misrepresentation, and other unethical practices
• Recall various topics that present training opportunities
• Recall Virginia regulations that address advertising practices and improper dealing
• Contrast various marketing strategies
• Recall a Virginia licensee’s obligation to disclose agency relationships
• Discuss negotiating tips
• Identify a Virginia licensee’s duties to buyer and seller clients and customers
• Describe a Virginia licensee’s duties related to instrument delivery and identify threats to a successful closing
• Review federal antitrust, fair housing, and real estate settlement laws
• Recall requirements for managing escrow accounts in Virginia
• Identify strategies for handing lawsuits
• Describe topics that should be covered in an employee handbook
• Identify prohibited acts and explain the disciplinary authority of the Virginia Real Estate Board
• Recall fair housing requirements under Virginia law
• Recall Virginia eviction requirements and process

This course is designed to fulfill four hours of real estate continuing education credit in the state of Virginia. The objective of this course to provide students with an overview of mandatory topics, including Fair Housing, Contract Law and Agency Law.

Course Learning Objectives

Upon completion of the course, participants will be able to

• Summarize the Fair Housing Act of 1968 and amendments to that act
• Explain why Fair Housing is important in the real estate industry
• Describe how to avoid discriminatory practices in sales, rentals and financing
• Identify and recall the basic tenets of Virginia fair housing laws and regulations, including the protected classes in the Commonwealth, who is exempt from fair housing laws, and a real estate licensee’s responsibility to ensure no one experiences housing discrimination
• Discuss the legal responsibilities of an agent
• Summarize how contracts are created and terminated
• Describe the unlawful practice of law and recall the contract preparation limitations in Virginia
• Recall deadlines for filing breach of contract lawsuits under the Virginia statute of limitations
• Identify the fiduciary responsibilities of an agent
• Distinguish how agencies are created and terminated
• Recall specific requirements in Virginia related to the use of written brokerage agreements
• Differentiate the pros and cons of types of agencies, with emphasis on buyer agency
• Recall a Virginia buyer agent’s statutory duties to buyers and sellers and the scope of ministerial services 
• Recall a Virginia licensee’s duty to disclose agency to unrepresented parties

The practice of real estate in Virginia has seen a turbulent and exciting time in the last few years. Markets have adjusted, sales volumes have fallen and risen, and a number of legislative items have passed in the state. This course will cover some of the more important legislative updates passed and effective in 2023 that impact the real estate business. This course is approved for one hour of continuing education.

Learning Objectives

Upon completion of this course, students will be able to:

• Identify updates to the Department of Professional and Occupational Regulation’s licensing law specific to reciprocity and appraisers.
• Describe updates to laws related to common interest communities with a specific focus on resale disclosures.
• Recall updated provisions impacting residential leasing including post-lease repairs, uninhabitable property lease termination, rent increase notice, assistance animals, and the Statement of Tenants Rights & Responsibilities form.
• Recall updated provisions impacting settlement laws specific to release from judgment liens and collection of settlement fees.
• Describe how an update to tax exemption law benefits veterans with a disability.
• Review key information about the National Flood Insurance Program and how to access current maps of flood hazard areas.