18VAC135-20-170: Maintenance of licenses

A. Name and address.

1. Salespersons and individual brokers must at all times keep the board informed of their current name and home address. Changes of name and address must be reported to the board in writing within 30 calendar days of such change. The board is not responsible for the licensee's failure to receive notices, communications, and correspondence caused by the licensee's failure to promptly notify the board of any change of address.

2. A licensee may use a professional name other than a legal name if that professional name is filed with the board prior to its use. An individual may use a professional name, which must include the first or last name and must not include any titles.

3. Salespersons and brokers will be issued a license only to the place of business of the sole proprietorship or firm with which the salesperson or broker is active.

4. Principal brokers must at all times keep the board informed of their current firm, branch office, and business entity name and addresses and changes of name and address must be reported to the board in writing within 30 calendar days of such change. A physical address is required.

B. Discharge or termination of active status.

1. When any salesperson or broker is discharged or in any way terminates active status with a sole proprietorship or firm, it is the duty of the sole proprietor or principal broker to notify the board with the licensee name, license number, and date of termination within 10 calendar days of the date of termination or being notified of the status change.

2. When any principal broker is discharged or in any way terminates active status with a firm, it is the duty of the firm to notify the board with the licensee name, license number, and date of termination within 10 calendar days of the date of termination. See § 54.1-2109 of the Code of Virginia for termination relating to the death or disability of the principal broker.

C. When a firm or business entity is no longer authorized to conduct business in the Commonwealth, the board has the authority to terminate that firm or business entity's license until such time as the firm or business entity provides evidence that it is again authorized to conduct business in the Commonwealth.