This case study highlights the importance of performing licensed activities under a licensed business entity and exercising ordinary care in your management of properties.

This case study highlights the importance of reporting disciplinary action taken against a licensee who holds real estate licenses in multiple states to the real estate board in a timely manner.

This case study highlights the importance of following the real estate regulations when holding earnest money deposits.

This case highlights the importance of delivering documents to your clients, whether they have been requested or not.

This case study highlights the importance of disclosing a licensee’s interest in the transaction, regardless of the role he or she plays in the transaction, and engaging in behavior that is honest and not deceptive to the public.

Due to the state of emergency arising from COVID-19, the Department of Professional and Occupational Regulation (“DPOR”) extended the validity of licenses that would otherwise expire during this time and extended the eligibility for renewal during the state of emergency under applicable regulations until 30 days after the state of emergency is lifted. You should try to complete all necessary CE during this time, renew online if possible, and be prepared to submit any information needed by VREB once the state of emergency is lifted.

Because this may affect your renewal dates, it remains imperative that you know the status of your real estate license, when it is set to expire, and whether or not it is active or inactive. This case study looks at what happens when an agent practices with an inactive license

Beware of these most common Real Estate Board violations by licensees. You’ll notice one common theme: escrow funds. Violations involving escrow funds continue to be some of the most frequently violated regulations for real estate licensees. Brokers, make sure you have policies in your office policy manual and provide education to prevent you and your licensees from engaging in any of these common offenses.

This case highlights not only the importance of adhering to the Board’s regulations through actions such as depositing the earnest money deposit in a timely manner and notifying all parties of material changes to the transaction, but also the importance informing the Board of escrow violations.

This case again looks at an escrow violation, where the agent provided the check to the brokerage but not the ratified contract, and due to firm policies, the check was not deposited in a timely manner. Further, the agent failed to inform the parties that the earnest money deposit was not deposited.

This case highlights the importance of broker supervision, and how it is important to ensure that only licensed individuals engage in licensed activity. Further, it demonstrates the importance of having policies pertaining to advertising and that you must enforce the policies in your office.