18 Va. Admin. Code § 135-20-45

Current through Register Vol. 41, No. 4, October 8, 2024

Section 18VAC135-20-45 - Additional qualifications for salesperson's or broker's license as a business entity

An applicant for a salesperson's license as a business entity shall meet the following requirements in addition to those set forth in 18VAC135-20-30:

1. Every owner or officer who actively participates in the real estate business shall hold a license as a salesperson or broker. The business entity license does not replace the individual license. More than one licensee may be a participant of the business entity.

2. When one licensee is the owner or officer, the business entity shall be named in accordance with § 54.1-2106.1 C of the Code of Virginia.

3. The board will consider the application of any partnership, association, corporation or limited liability company only after the entity is authorized to do business in accordance with §§ 59.1-69 through 59.1-76 of the Code of Virginia.

18 Va. Admin. Code § 135-20-45

Derived from Virginia Register Volume 15, Issue 5, eff. January 1, 1999; amended, Virginia Register Volume 19, Issue 12, eff. April 1, 2003; Amended, Virginia Register Volume 31, Issue 26, eff. 11/1/2015.

Statutory Authority: §§ 54.1-201 and 54.1-2105 of the Code of Virginia.