Under Virginia law (§54.1-2106.1), a real estate team is defined as two or more individuals, one or more of whom is a real estate salesperson or broker, who (i) work together as a unit within the same brokerage firm; (ii) represent themselves to the public as working together as one unit, and; (iii) designate themselves by a fictitious name. While only one of the members of the team needs to have a real estate license, there must at least be two individuals.

To properly establish at real estate team, you will need to apply to DPOR for a business entity license. Before you can do so, you first need to have entity registration number and a fictitious name certificate from the Virginia State Corporation Commission. Consult with an attorney and/or a tax professional to determine what type of business entity is right for you and your team members.

Principal brokers still retain supervisory authority and responsibility for the teams in their brokerage and must sign the business entity license registration. Brokerage agreements must include the name and contact information of the supervising broker, even when teams are involved in the representation.