CHAPTER 159

An Act to amend and reenact § 54-762, as amended, of the Code of
Virginia, relating to investigations by the Real Estate Commission;
grounds for suspension or revocation of licenses. rH 63]

Approved March 9, 1968

Be it enacted by the General Assembly of Virginia:

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

§ 54-762. 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, pre-
sented in conncction therewith, makes out a prima facie case, investigate
the actions of any real estate broker or real estate salesman, or any person
who assumes 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 a 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 influence,
persuade or induce;

(3) Pursuing a continued and flagrant course of misrepresentation,
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
knowiedge 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 specified in this chapter,
arom any person, except his employer, who must be a licensed real estate

roker;

(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 belong 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 herein specified, which constitutes improper, fraudulent, or dis-
honest dealing;

(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 which does not have a
definite termination date; ;

(13) Causing any advertisement for sale, rent, or lease to appear in
any newspaper or periodical without including in the advertisement 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, without the
consent of the owner of the property; or

(15) Having 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 pleading guilty or nolo contendere to any
of such offenses, there being no appeal pending therefrom or the time
therefor having elapsed.

(16) Violating or cooperating with others in violating any provision
of this chapter or any lawful rule or regulation promulgated by the
Commission.

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