Beginning January 1, 2013, principal and supervising brokers will be required to conduct a self-audit at least once during each firm license term (and sole practitioners at least once during each license term) prior to renewal to ensure compliance with Virginia Real Estate Board Regulations. The audit must be recorded on the Firm/Sole Proprietor Audit Form which can be found at the Real Estate Board’s website. (http://www.dpor.virginia.gov/Boards/Real-Estate/)
The Audit Form is a simple checklist to make sure you’re in compliance with Virginia’s laws and regulations governing real estate brokerage. The completed form must be signed by the principal or supervising broker and kept on file at the firm. Also, the responsible broker must certify at renewal of the firm license (or the sole practitioner at license renewal) that the audit has been conducted.
IMPORTANT NOTE: The Audit Form does not have to be submitted to the Real Estate Board but must be available if requested by the Board.
VAR has assembled the following resources on our website to prepare you for this new requirement. Please visit www.VARealtor.com/BrokerAudits to access the following tools:
- A short video with VAR Legal Counsel Blake Hegeman explaining the audit process;
- An overview of the new requirement and what to expect;
- Download links for the broker audit form itself; and
- Common questions and answers on broker audits.
As Blake always says: Good luck out there!