Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 135 - REAL ESTATE BOARD › Chapter 20 - VIRGINIA REAL ESTATE BOARD LICENSING REGULATIONS › Part I - General › Section 18VAC135-20-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter
					 unless a different meaning is provided or is plainly required by the context
					 shall have the following meanings:
"Active" means any broker or salesperson who is under the
					 supervision of a principal or supervising broker of a firm or sole proprietor
					 and who is performing those activities defined in §§
										54.1-2100 and
					 54.1-2101
					 of the Code of Virginia.
"Actively engaged" means active licensure with a licensed
					 real estate firm or sole proprietorship in performing those activities as
					 defined in §§
										54.1-2100 and
					 54.1-2101
					 of the Code of Virginia for an average of at least 40 hours per week. This
					 requirement may be waived at the discretion of the board in accordance with
					 §
										54.1-2105
					 of the Code of Virginia.
"Actively engaged in the brokerage business" means anyone
					 who holds an active real estate license.
"Associate broker" means any individual licensee of the
					 board holding a broker's license other than one who has been designated as the
					 principal broker.
"Client" means a person who has entered into a brokerage
					 relationship with a licensee as defined by §
										54.1-2130 of the Code
					 of Virginia.
"Firm" means any sole proprietorship (nonbroker owner),
					 partnership, association, limited liability company, or corporation, other than
					 a sole proprietorship (principal broker owner), which is required by
					 18VAC135-20-20
					 B to obtain a separate brokerage firm license. The firm's licensed name may be
					 any assumed or fictitious name properly filed with the board.
"Inactive status" means any broker or salesperson who is
					 not under the supervision of a principal broker or supervising broker, who is
					 not active with a firm or sole proprietorship, and who is not performing any of
					 the activities defined in §§
										54.1-2100 and
					 54.1-2101
					 of the Code of Virginia.
"Independent contractor" means a licensee who acts for or
					 represents a client other than as a standard agent and whose duties and
					 obligations are governed by a written contract between the licensee and the
					 client.
"Licensee" means real estate brokers and salespersons as
					 defined in Chapter 21 (§
										54.1-2100 et seq.) of
					 Title 54.1 of the Code of Virginia or real estate firms.
"Principal broker" means the individual broker who shall be
					 designated by each firm to assure compliance with Chapter 21 (§
										54.1-2100 et seq.) of
					 Title 54.1 of the Code of Virginia, and this chapter, and to receive
					 communications and notices from the board that may affect the firm or any
					 licensee active with the firm. In the case of a sole proprietorship, the
					 licensed broker who is the sole proprietor shall have the responsibilities of
					 the principal broker. The principal broker shall have responsibility for the
					 activities of the firm and all its licensees. The principal broker shall have
					 signatory authority on all escrow accounts maintained by the firm.
"Principal to a transaction" means a party to a real estate
					 transaction including without limitation a seller or buyer, landlord or tenant,
					 optionor or optionee, licensor or licensee. For the purposes of this chapter,
					 the listing or selling broker, or both, are not by virtue of their brokerage
					 relationship, principals to the transaction.
"Sole proprietor" means any individual, not a corporation,
					 limited liability company, partnership, or association, who is trading under
					 the individual's name, or under an assumed or fictitious name pursuant to the
					 provisions of Chapter 5 (§
										59.1-69
					 et seq.) of Title 59.1 of the Code of Virginia.
"Standard agent" means a licensee who acts for or
					 represents a client in an agency relationship. A standard agent shall have the
					 obligations as provided in Article 3 (§
										54.1-2130 et seq.) of
					 Chapter 21 of Title 54.1 of the Code of Virginia.
"Supervising broker" means
(i) the individual broker who shall be designated by the
					 principal broker to supervise the provision of real estate brokerage services
					 by the associate brokers and salespersons assigned to branch offices or real
					 estate teams or
(ii) the broker, who may be the principal broker,
					 designated by the principal broker to supervise a designated agent as stated in
					 §
										54.1-2130 of the Code
					 of Virginia.
Statutory Authority: §§
												54.1-201
						and
						54.1-2105
						of the Code of Virginia.