Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part X - Board Authority and Standards of Conduct › Section 18VAC48-45-770 - Prohibited acts

Current through Register Vol. 40, No. 24, July 15, 2024
The following acts are prohibited and any violation may
					 result in action by the board, including issuance of a temporary cease and
					 desist order in accordance with subdivision D 2 of §
										55.1-2247
					 of the Code of Virginia:
1. Violating,
				  inducing another to violate, or cooperating with others in violating any of the
				  provisions of any regulation of the board or the Virginia Real Estate
				  Time-Share Act or engaging in any act enumerated in §§
										54.1-102
				  and
				  54.1-111
				  of the Code of Virginia.
2.
				  Obtaining or attempting to obtain a registration by false or fraudulent
				  representation, or maintaining, renewing, or reinstating a registration by
				  false or fraudulent representation.
3. Failing to alter or amend the public
				  offering statement or disclosure document as required in accordance with the
				  provisions of this chapter.
4.
				  Providing information to purchasers in a manner that willfully and
				  intentionally fails to promote full and accurate disclosure.
5. Making any misrepresentation or making a
				  false promise that might influence, persuade, or induce.
6. Failing to provide information or
				  documents, or amendments thereof, in accordance with this chapter.
7. Failing to comply with the
				  post-registration requirements of this chapter.
8. Filing false or misleading information in
				  the course of terminating a registration in accordance with
				  18VAC48-45-450,
				  18VAC48-45-460,
				  18VAC48-45-560, or 18VAC48-45-630.
9. Failing to comply with the advertising
				  standards contained in Part III (18VAC48-45-80 et seq.) of this
				  chapter.
10. Allowing a
				  registration issued by the board to be used by another.
11. A regulant having been convicted, found
				  guilty, or disciplined in any jurisdiction of any offense or violation
				  described in subdivisions C 13 and C 14 of
				  18VAC48-45-130,
				  subdivisions 4 and 5 of 18VAC48-45-210, and subsections D, F, and G of
				  18VAC48-45-670.
12. Failing to inform the board in writing
				  within 30 days that the regulant was convicted, found guilty, or disciplined in
				  any jurisdiction of any offense or violation described in subsections D, F, and
				  G of
				  18VAC48-45-670.
13. Failing to report a change as required by
				  18VAC48-45-470.
14. Failing to satisfy any judgments or
				  restitution orders entered by a court or arbiter of competent
				  jurisdiction.
15. Misrepresenting
				  or misusing the intended purpose of a power of attorney or similar document to
				  the detriment of any grantor of such power of attorney.
16. Engaging in dishonest or fraudulent
				  conduct in providing resale services, including the following:
a. The intentional and unjustified failure to
				  comply with the terms of the resale purchase contract or resale transfer
				  contract.
b. Engaging in dishonest
				  or fraudulent conduct in providing resale services.
c. Failing to comply with the recordkeeping
				  requirements of §
											55.1-2245
				  of the Code of Virginia.
d. Failing
				  to disclose information in writing concerning the marketing, sale, or transfer
				  of resale time-shares required by this chapter prior to accepting any
				  consideration or with the expectation of receiving consideration from any
				  time-share owner, seller, or buyer.
e. Making false or misleading statements
				  concerning offers to buy or rent; the value, pricing, timing, or availability
				  of resale time-shares; or numbers of sellers, renters, or buyers when engaged
				  in time-share resale activities.
f.
				  Misrepresenting the likelihood of selling a resale time-share
				  interest.
g. Misrepresenting the
				  method by or source from which the reseller or lead dealer obtained the contact
				  information of any time-share owner.
h. Misrepresenting price or value increases
				  or decreases, assessments, special assessments, maintenance fees, or taxes or
				  guaranteeing sales or rentals in order to obtain money or property.
i. Making false or misleading statements
				  concerning the identity of the reseller or any of its affiliates or the
				  time-share resale entity's or any of its affiliate's experience, performance,
				  guarantees, services, fees, or commissions, availability of refunds, length of
				  time in business, or endorsements by or affiliations with developers,
				  management companies, or any other third party.
j. Misrepresenting whether or not the
				  reseller or its affiliates, employees, or agents hold, in any state or
				  jurisdiction, a current real estate sales or broker's license or other
				  government-required license.
k.
				  Misrepresenting how funds will be utilized in any time-share resale activity
				  conducted by the reseller.
l.
				  Misrepresenting that the reseller or its affiliates, employees, or agents have
				  specialized education, professional affiliations, expertise, licenses,
				  certifications, or other specialized knowledge or qualifications.
m. Making false or misleading statements
				  concerning the conditions under which a time-share owner, seller, or buyer may
				  exchange or occupy the resale time-share interest.
n. Representing that any gift, prize,
				  membership, or other benefit or service will be provided to any time-share
				  owner, seller, or buyer without providing such gift, prize, membership, or
				  other benefit or service in the manner represented.
o. Misrepresenting the nature of any resale
				  time-share interest or the related time-share plan.
p. Misrepresenting the amount of the
				  proceeds, or failing to pay the proceeds, of any rental or sale of a resale
				  time-share interest as offered by a potential renter or buyer to the time-share
				  owner who made such resale time-share interest available for rental or sale
				  through the reseller.
q. Failing to
				  transfer any resale time-share interests as represented and required by this
				  chapter or to provide written evidence to the time-share owner of the recording
				  or transfer of such time-share owner's resale time-share interest as required
				  by this chapter.
r. Failing to pay
				  any annual assessments, special assessments, personal property or real estate
				  taxes, or other fees relating to an owner's resale time-share interest as
				  represented or required by this chapter.