SB 514

Bill Subjects

Abstract

Establishes notice provisions and required procedures to be followed in the case of escrow funds held by a real estate broker in the event of termination of a real estate purchase contract. In addition, the bill requires that the curricula for new licensees of the Real Estate Board (the Board) include real estate-related finance as one of the topics and requires the Board to establish guidelines for a post-license educational curriculum for real estate salespersons consisting of at least 30 hours of instruction to be completed within one year from the last day of the month in which the initial license was issued. The bill (i) adds to the curriculum for broker continuing education courses the requirement that at least two hours of instruction include an overview of broker supervision requirements under Virginia law and Board regulations and (ii) requires the Board to develop a form to be signed by the parties to a real estate transaction to acknowledge that the purchaser has been advised to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make available on its website the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.). Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to