Virginia Real Estate Salesperson License Renewal — 16 Hours

Course Benefits

This 16-hour course will benefit the real estate salesperson professionally and increase the protection of the general public through the achievement of its learning objectives.

Part 1 – Realtor Code of Ethics

Participants will:

• Define the concept of ethical behavior as it applies to the real estate profession.
• Recognize the purpose and principles of an established Code of Ethics in the real estate profession.
• Recall the duties of a Realtor to maintain the Code of Ethics.
• Recall the Standards of Practice that impact the behavior of Realtors.
• Identify the source document for the “Code of Ethics and Standards of Practice.”
• Recall a Realtor’s duties to clients, customers, the public, and other Realtors.
• Recognize the application of Standards of Practice in case studies.

Part 2 – Fair Housing

Participants will:

• Articulate the components of the Fair Housing Act.
• Identify discriminatory behavior in real estate prohibited by the Fair Housing Act, including advertising.
• Recall the factors that contribute to hoarding, the Hoarding Disorder classifications, and its negative consequences.

Part 3 – Legal Update and the Issues of Flooding

Participants will:

• Recognize fee requirements, license requirements, and renewal requirements, including the implications of failing to renew.
• Recall broker duties, advertising guidelines, audit procedures, and prohibited acts.
• Recall the importance of FEMA, types of flood insurance, flood maps, risk ratings, and insurance forms.

Part 4 – Virginia Real Estate Agency Law

Participants will:

• Recall components of the Virginia Real Estate Agency Law and fiduciary duties owed by brokers and licensees.
• Identify agency relationships and the necessity for brokerage agreements.
• Recall disclosure requirements when representing both parties and policies for obtaining brokerage agreements.

Part 5 – Real Estate Contract Law

Participants will:

• Define a contract, its purpose, and the statute of limitations in the contractual process.
• Recognize different types of contracts, offers, and the elements of a contract.
• Compare electronic and paper signatures and apply remedies for breach of contract in case studies.

Part 6 – Safety for the Real Estate Professional

Participants will:

• Recognize the risks that face real estate professionals.
• Recall the best safety practices for showing properties.
• Demonstrate the ability to assess and address a potentially dangerous situation.

Part 7 – The Appraisal Process in Real Estate

Participants will:

• Define an appraisal, its types, and its uses.
• Recognize factors that influence property value and the steps of the appraisal process.
• Recognize the elements of the Appraisal Code of Ethics and an appraisal report, including “red flags” and legal concerns.

Related Virginia Real Estate Resources