The principal or supervising brokers of any firm (or sole proprietorship license) are required to either audit or caused to be audited the operations, policies, and procedures of the firm 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 on the premises of 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. 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 requirement and what to expect;
• Download links for the broker audit form itself; and
• Common questions and answers on broker audits.
Principal and Supervising Brokers and authorized designees registered to use the VAR Legal Hotline may call (804) 264-5033 or e-mail firstname.lastname@example.org with any questions.
Virginia Association of REALTORS®