Virginia § 54.1-2111.1 Voluntary compliance program; real estate brokers

Virginia Statutes

§ 54.1-2111.1 — Voluntary compliance program; real estate brokers

Virginia § 54.1-2111.1

Title 54.1Professions and Occupations

Subtitle IIProfessions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department

Ch. 21Real Estate Brokers, Sales Persons and Rental Location Agents

Art. 1Regulation of Real Estate Brokers, Salespersons and Rental Location Agents

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Bluebook

Va. Code Ann. § 54.1-2111.1 (2026).

Text

A.The Board shall promulgate regulations to allow the audit of the practices, policies, and procedures of a real estate broker licensed by the Board, either through a third party retained by the real estate broker or through a self-audit, and if the broker is determined by such audit to not be in compliance with the provisions of this chapter or applicable regulations of the Board, to allow for the broker to enter into a voluntary compliance program to bring the broker's practices, policies, and procedures into compliance with applicable laws and regulations. The broker shall notify the Board of the discovery of any noncompliance within 30 days after discovery and shall submit a written statement with a plan to bring the practices, policies, and procedures into voluntary compliance, which

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A. The Board shall promulgate regulations to allow the audit of the practices, policies, and procedures of a real estate broker licensed by the Board, either through a third party retained by the real estate broker or through a self-audit, and if the broker is determined by such audit to not be in compliance with the provisions of this chapter or applicable regulations of the Board, to allow for the broker to enter into a voluntary compliance program to bring the broker's practices, policies, and procedures into compliance with applicable laws and regulations. The broker shall notify the Board of the discovery of any noncompliance within 30 days after discovery and shall submit a written statement with a plan to bring the practices, policies, and procedures into voluntary compliance, which completion of such voluntary compliance shall not exceed a period of 90 days from the date that the plan is submitted to the Board.

B. Certification by the broker or auditor of such broker shall constitute immunity from an enforcement action under this chapter or under the applicable regulations of the Board.

C. The provisions of this section do not apply if the noncompliance by the broker was intentional or a result of gross negligence of the broker, including any actions by an unlicensed employee negotiating the provisions of a rental agreement as prohibited under subsection C of § 54.1-2103.