Brian is a licensed Virginia salesperson affiliated with Blue Ridge Realty. He decides to leave Blue Ridge and join Mountain View Properties. Under Virginia law, what must Brian do to ensure his license is properly transferred, and what happens to his license during the transition period?
Correct Answer
D) Brian must have the new broker submit a transfer request to VREB; his license is inactive until the transfer is completed and activated by the new broker
Under Virginia law and 18 VAC 135-20, when a salesperson transfers from one broker to another, the new broker must submit the transfer request to VREB. During the period between leaving the old broker and the new broker activating the license, the salesperson's license is inactive and the licensee may not engage in real estate activities. The license does not automatically follow the salesperson — it must be formally transferred and activated by the new broker before the salesperson can practice under the new firm.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
More Practice Of Real Estate Questions
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