CHAPTER 268

AN ACT to amend and reenact § 54-762 of the Code of 1950, relat-
ing to suspension or revocation of licenses by the Virginia
Real Estate Commission, so as to specify additional grounds
therefor.

[S 55]

Approved April 4, 1950

Be it enacted by the General Assembly of Virginia:

1. That § 54-762 of the Code of 1950 be amended and reenacted as
follows:

§ 54-762. Investigations by Commission; grounds for suspen-
sion or revocation of license.—The Commission may upon its own
motion and shall upon the verified complaint in writing of any
person, provided such complaint, or such complaint together with
evidence, documentary or otherwise, presented in connection there-
with, makes out a prima facie case, investigate the actions of any
real estate broker or real estate salesman, or any person who as-
sumes to act in either capacity within this State, and shall have
the power to suspend or to revoke any license issued under the
provisions of this chapter, at any time when the licensee has by
false or fraudulent representation obtained qa license, or when the
licensee in performing or attempting to perform any of the acts
mentioned herein, is deemed to be guilty of:

(1) Making any substantial misrepresentation ;

(2) Making any false promises of a character likely to in-
fluence, persuade or induce;

(3) Pursuing a continued and flagrant course of misrepresen-
tation, or making of false promises through agents or salesmen or
advertising or otherwise;

(4) Acting for more than one party in the transaction without
the knowledge of all parties for whom he acts;

(5) Accepting a commission or valuable consideration as a
real estate salesman for the performance of any of the acts speci-
fied in this chapter, from any person, except his employer, who
must be a licensed real estate broker;

(6) Representing or attempting to represent a real estate
broker other than the employer, without the express knowledge and
consent of the employer;

(7) Failing, within a reasonable time, to account for or to
remit any moneys coming into his possession which belongs to
others ;

(8) Being unworthy or incompetent to act as a real estate
broker or salesman in such a manner as to safeguard the interest
of the public;

(9) Paying a commission or valuable consideration to any
person for acts or services performed in violation of this chapter ;

(10) Any other conduct, whether of the same or a different
character from that hereinbefore specified, which constitutes im-
proper, fraudulent, or dishonest dealing; or

(11) Failure to post a bond with the Commission and to keep
same in force, when required by the governing body of any county
or city;

(12) Making an exclusive listing contract ichich does not have
a definite termination date;

(13) Causing any advertisement for sale, rent, or lease to ap-
pear in any newspaper or periodical without including in the ad-
vertisement the broker's or firm's name except with consent of the
property owner;

(14) Placing a sign on any property offering it for sale, with-
out the consent of the owner of the property.

Any unlawful act or violation of any of the provisions of this
chapter by any real estate salesman, employee, or partner or as-
sociate of a licensed real estate broker, shall not be cause for the
revocation of a license of any real estate broker, partial or other-
wise, unless it appears to the satisfaction of the Commission that
such employer, partner or associate had guilty knowledge thereof.