CHAPTER 634

An Act to amend and reenact §§ 54-749, 54-750, 54-758, 54-764.1 and
54-771, as severally amended, of the Code of Virginia, relating to
licensure of real estate brokers and salesmen; expiration and renewal
of such licenses; bond required on appeal from decision refusing,

suspending or revoking license; and nonresident licenses. 3 187
[ ]

Approved April 6, 1966

Be it enacted by the General Assembly of Virginia:

1. That §§ 54-749, 54-750, 54-758, 54-764.1 and 54-771, as severally
amended, of the Code of Virginia be amended and reenacted as follows:

§ 54-749. It shall be unlawful for any * person, partnership, as-
sociation or corporation, to act as a real estate broker or real estate
salesman, or to advertise or assume to act as such real estate broker or
real estate salesman, without a license issued by the Virginia Real Estate
Commission * No partnership, association or corporation * shall be
granted a license, unless every member or officer of such partnership,
association or corporation, who actively participates in its brokerage
business, shall hold a license as a real estate broker, and unless every em-
ployee who acts as a salesman for such partnership, association or corpo-
ration shall hold a license as a real estate salesman.

§ 54-750. A license shall be granted only to persons who bear a
good reputation for honesty, truthfulness and fair dealing and are com-
petent to transact the business of a real estate broker or a real estate
salesman in such manner as to safeguard the interests of the public. No
original license shall be issued hereunder to any person:

(1) Who * has not been graduated from an accredited high school,
or who is not a holder of a certificate of General Educational Development
assued by the proper authorities of the public schools of this State, or
who has not successfully completed a course in real estate in a school
approved by the Commission;

(2) Whose application for a license as a real estate broker or real
estate salesman has within six months prior to the date of his application
hereunder been rejected in Virginia, in any other state or in the District
of Columbia;

(3) Whose license as a real estate broker or real estate salesman
has within one year prior to the date of his application hereunder been
revoked in Virginia, in any other state or in the District of Columbia;

(4) Who is not a citizen of the United States; or who, if an alien,
has not filed his intention as provided by law to become a citizen; *

(5) Who has been convicted, within the past five years, in a court
of competent jurisdiction of this or any other state, or of the District of
Columbia, or of the United States, of forgery, embezzlement, obtaining
money under false pretenses, extortion, conspiracy to defraud, bribery,
or other like offense or offenses, or pled guilty or nolo contendere to any
such offenses, there being no appeal pending therefrom or the time there-
for having elapsed.

Nor shall any license as a real estate broker be issued hereunder to
any person who has not attained the age of twenty-one years and who
has not been actively engaged and licensed as a real estate salesman for
a period of at least one year ;* |

(6) Who has not passed the examination given by the Commission; or

(7) No broker applicant shall be issued “an original” license until
such applicant has first proven financial responsibility to the satisfaction
of the Commission, or in lieu thereof filed a bond in the amount of $10,000
as required by § 54-767.

§ 54-758. Every license shall expire on the thirtieth day of June
of each year. The Commission shall issue a new license for each ensuing
year, in the absence of any reason or condition which might warrant the
refusal of the granting of a license, upon receipt of the written request
of the applicant and the annual fee therefor not later than July thirty-
one; after such date the fee for renewal shall be twelve dollars in the
case of real estate brokers and six dollars in the case of real estate sales-
men. The Commission shall mail each license holder at least thirty days
prior to the first day of July of each year notice of the expiration of
license and the fees for regular and late renewal thereof. If any licensee,
except a licensee called into military service while actively engaged as a
real estate broker or salesman, fail to renew his license within one year
from the date of July thirty-one as herein provided, his license shall
lapse, and he shall thereafter be required to apply as an original applicant.

Provided that no renewal license as a real estate broker shall be
issued by the Commission until the applicant therefor certifies to the
Commission in such form as the Commission may prescribe, that his
State revenue license as a real estate broker for the previous year has
been paid.

Each holder of a current and unrevoked license may, at his or her
discretion, return his or her license to the real estate Commission and
have such license placed on an inactive status, and such license may re-
main in such status so long as the holder thereof pays the renewal fee
as provided for in this chapter.

The holder of such license, during the period of time his or her
dacense is on an inactive status, shall not act as a real estate broker or
salesman.

No inactive license shall be reissued until the former holder thereof
has notified the Secretary of the Commission, on forms provided by the
Commission, twenty days prior to the date that he desires to reactivate
such license, and paid all fees due under § 54-757.

Any person who has been classified as an inactive licensee by the
Commission shall not be required to successfully pass the examination pro-
vided for by this chapter.

_ § 54-764.1. Any person, firm, copartnership, corporation or associa-
tion appealing from a decision of the Commission shall within ten days
following receipt of the Commission’s decision from which appeal is noted,
post a bond of * five thousand dollars in favor of the Commonwealth,
conditioned to faithfully observe the provisions of all sections of this
chapter during the pendency of said appeal and to pay to any one all
damages that he may sustain by reason of any transaction with the
appellant during the pendency of said appeal and caused by the miscon-
duct or wrongful act, or acts, of the appellant. Such bond shall be filed
with the Commission. No bond shall be accepted unless it be with a
surety company authorized to do business in the Commonwealth.

Any person, firm, copartnership, corporation or association failing
to post such bond shall discontinue all operations as a real estate broker
or real estate salesman during the pendency of said appeal.

§ 54-771. In its discretion the Commission may * waive the exam-
ination provided for in this chapter and may issue a license as a real
estate broker or real estate salesman to any person who possesses the other
qualifications required in this chapter and who is a holder of like license
issued under the laws of any state or the District of Columbia which
extends similar privileges to licensed real estate brokers and real estate
salesmen of this State, provided the requirements for such license in the
State or the District of Columbia, in the opinion of the Commission, is
equivalent to those required in this chapter.

Provided that any person now holding a salesman’s license shall not
be prevented from taking an examination or examinations for a broker’s
license within one year after the effective date of this act.