Resale Disclosure Act

This bill would seek to clean up and clarify items that have come up in practice since the new Resale Disclosure Act became law in July 2023. Items to clarify include that the resale certificate can be delivered to the purchaser’s agent, the right to receive the resale certificate cannot be waived by the purchaser, and when resale certificates are required in new construction.

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CE Credit Re-Allocation

This bill would reallocate three CE credits needed during license renewal from the elective category to the mandatory category for both real estate salespersons and brokers. An extra hour of agency, contracts, and legal updates would now be mandatory for a total of two hours in each category. The total amount of CE credits required for renewal would not change. This bill is in response to information received from the Virginia Real Estate Board about disciplinary actions and where licensees seem to need more education.

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Prohibition of Local Mandatory Disclosures

This bill seeks to prevent localities from creating mandatory real estate disclosures by local ordinance and would instead require that such disclosures be made on a state-wide level through the general assembly. Any existing mandatory disclosures or notifications in a real estate transaction could no longer be enforced.

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 Place of Business

This bill would have two parts. First, it would put a definition of place of business for real estate licensees into the Code of Virginia. Currently, there is only a definition in the Regulations. This definition would clarify what is considered a place of business and when a branch license is required. It will also include exemptions so that agents are not unintentionally creating a place of business and creating liability. Second, the bill would clarify that if a neighboring state requires Virginia brokers to have a brick-and-mortar office in that neighboring state to practice, non-resident brokers from the neighboring state would need to establish a brick and mortar office in Virginia to practice here, as well. Currently, non-resident brokers do not need to maintain a brick-and-mortar place of business in the commonwealth.

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Alignment of VRLTA Servicemember Provision to Federal SCRA

This bill would align the language in the VRLTA servicemember early termination provision to the federal Servicemembers Civil Relief Act by removing the distance requirement. The VRLTA currently requires that a servicemember receive orders moving him/her more than 35 miles away to terminate a lease. In the past this language could coexist with the federal statute because a servicemember could waive their rights under the federal law. However, the waiver is no longer used, and the federal government and JAG have been alerted to the direct conflict of the 35-mile requirement causing liability to property managers.

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Right to Rent

This bill would codify a homeowner’s right to rent their property for a lease term of thirty consecutive days or more without unreasonable interference from localities. With the rise in local regulation on short-term rentals and ADUs, this is a preemptive measure to protect a homeowner’s right to rent their property for longer lease terms.

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40 Contract to List (Real Estate Service Agreements)

This bill will attempt to prohibit long-term contracts to list property, or real estate service agreements that are recorded in the land records.

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Wholesaling

This bill will seek to define wholesaling, or the buying and selling of contracts for compensation, as an activity that requires a real estate license.

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If you have questions or thoughts about the 2024 Virginia REALTORS^® agenda or other Government Relations efforts, please contact us at advocacy@virginiarealtors.org.