In its Summer 2010 newsletter, released today, the Virginia Real Estate Board announced that it has authorized DPOR’s Compliance and Investigations Division (CID) to begin random inspections of real estate firms in Virginia (see page 6).
While the primary purpose of the inspections is to check the status of escrow funds being held, verify licenses, and make sure financial records are in order, inspectors will also take the opportunity to make sure the firm is complying with all regulations.
The inspections will include review of a firm’s policy and procedures manual, availability of training and determination of appropriate supervision practices.
The inspections will likely begin in November, according to VREB, which has yet to finalize its policies and procedures for the inspections.
Just in case, VREB suggests that “[t]his is also a good time to conduct a thorough internal review of your firm’s supervision practices, firm policy and procedures manual, availability of training, licenses, escrow accounts and record keeping practices.”
Not sure you’re in compliance? VAR can help. Check out our members-only Broker Center for starters, where you’ll find links to our Broker Toolkit, Virginia Real Estate Broker Field Guide, and information about the Virginia Managers Council, all of which will help you be ready for a random inspection, should you find a CID agent at your doorstep come November.