NEW LAWS outlining changes to newly licensed real estate agents (one year or less) and brokers will take effect Jan. 1, 2019. This will impact your license status in the following ways:
BROKER MANAGEMENT/SUPERVISION EDUCATION
Of the eight mandatory hours of broker management/ supervision education, a two-hour class must be taken that includes an overview of Virginia Law and Board regulations covering broker supervision. The remaining six hours will cover broker management and agent supervision.
The following will be the required curriculum effective Jan. 1, 2019:
- 1 hour Real Estate Agency
- 1 hour Real Estate Contracts
- 1 hour Ethics and Standards of Conduct
- 2 hours Fair Housing
- 1 hour Legal Updates with Flood Content
- 6 hours Broker Management and Agent Supervision
- 2 hours Broker Supervision (covering Virginia Law and Regulations)
- 8 hours Real Estate Related Subjects
POST LICENSING EDUCATION
There will be three changes to the current post licensing education for newly licensed agents who have been in the business one year or less. The number of required hours for license renewal will remain at 30. The changes are:
- A two-hour finance topic will be added to the mandatory classes.
- The Real Estate Law and Board Regulations requirement will decrease from eight to six hours.
- Newly licensed salespersons must complete 30 hours of PLE within one year from the last day of the month in which the license was issued.
The following will be the required curriculum effective Jan. 1, 2019:
- 2 hours Fair Housing, Americans with Disabilities Act and the Civil Rights Act of 1866
- 6 hours Real Estate Law and Board Regulations
- 3 hours Ethics and Standards of Conduct
- 2 hours Current Industry Issues and Trends
- 3 hours Virginia Agency Law
- 6 hours Contract Writing
- 3 hours Risk Management
- 3 hours Escrow Requirements
- 2 hours Real Estate Related Finance
Questions? Email education@nvar.com