Virginia Property and Real Estate Laws

The property and real estate laws of Virginia are the laws and regulations associated with matters surrounding privately owned properties, matters between landlord and tenants, and homestead protection from creditors in the state of Virginia.

Some of the most prominent Virginia real estate and property laws include Virginia Adverse, Possession Laws, Virginia Homestead Laws, Virginia Lease, and Rental Agreement Laws, Virginia Property Line and Fence Laws, Virginia Civil Statute of Limitation Laws, Virginia Adverse Possession laws, Virginia Security Deposit Laws, and Virginia Tenant Right Laws.

There are then further classifications of regulations which are designed to tend to the individual requirements of tenants and landlord, property owner, realtors, and creditors. For instance, the Virginia Property and Real Estate Law state that upon the termination of the lease, a tenant’s security deposit must be returned by the landlord within 45 days. The landlords are even allowed to charge up to two months’ worth of rent in terms of a security deposit.

What Does the Virginia Real Estate Board Do?

In layman’s terms, the Virginia Real Estate Board (REB) primarily licenses brokers, salespeople, and even firms that are responsible or have the legal authority to represent different parties in the process of the property transaction.

The Virginia Real Estate Board is also responsible for enforcing “The Fair Housing Law” for cases that involve real estate licensees and/or their employees. The Virginia Real Estate Board operates under the Department of Professional and Occupational Regulation. For real estate agents in Virginia, they need to be registered and licensed with the Virginia Real Estate Board to become professional real estate practitioners.

The REB can directly be affected by any changes made in the regulations by the General Assembly of Virginia or DROP; but in essence, REB is the actual regulatory body for enforcing the laws about real estate, their purchasing or selling, and for licensing the brokers and real estate agents.

How to Become a Real Estate Agent in Virginia?

Becoming a real estate agent is a popular career path with unlimited growth potential and a flexible job structure. To start off:

  • The applicant needs to conduct thorough research on the real estate market of Virginia to get an idea of what you are getting yourself into.
  • Next comes the 60 hours of official training. The research conducted on the market will also help complete the training.
  • These pre-license classes can be taken both, online or in person.
  • Then there is the Virginia real estate exam that you need to pass with a minimum of 75% marks.
  • A candidate can retake the exam as many times as necessary.
  • You may also have to pass the Virginia Real Estate Salesperson Exam as well depending upon the requirements.
  • Next comes the requirement to have your fingerprint taken at a PSI testing location.
  • Then you will have to get a broker to sponsor your license application by affiliating with their brokerage.

It is after that you can finally submit an application for getting your license.

Easier, Quicker, Safer eSignature Solution for SMBs and Professionals

No credit card required14 days free