1st Year Continueing Education for Va Real Estae

Are you a newly licensed Virginia real estate agent wondering when you need to renew your license? Or maybe you're taking the pre-license course to get your real estate license and want to know how long it will be good for. Either way, we've got answers for you!

How Long Your Virginia Real Estate License is Good For

Your real estate license is good for two years in Virginia. Brokers, salespersons, and firms alike have to go through the license renewal process this often. Your license will expire two years from the last day of the month in which it was issued, as indicated on the license. The Virginia Real Estate Board (REB) will mail a renewal notice before your license is set to expire, but it's still your responsibility to know when it's time to renew.

Timely renewal is required to maintain an active Virginia real estate license and to continue working as an agent or broker. Even an inactive license must be renewed every two years by paying the appropriate fees (though continuing education can be deferred until you return to active status).

Education Requirements for Renewing Your Real Estate License

Ongoing education is an important part of the real estate license renewal process. These courses give agents a chance to expand their knowledge of the ever-evolving industry, learn new skills, and get updates on changes in real estate law.

The education requirements depend on whether this is your first renewal period or a subsequent renewal period.

During your first renewal period, you'll need to meet the post-license requirements within one year. And for all renewal periods after your first renewal, you'll need to meet the Continuing Education (CE) requirements.

First Year Post-License Requirements

Within your first year of having a Virginia real estate license, you will need to complete post-license education approved by the Virginia Real Estate Board. The requirement consists of 30 credit hours (online or on-campus).

The 30-hour PLE program will consist of 9 courses:

1. Fair Housing, ADA and Civil Rights (2 hours)

2. Real Estate Law and Regulations (6 hours)

3. Ethics and Standards of Conduct (3 hours)

4. Current Industry Issues and Trends (2 hours)

5. Agency Law (3 hours)

6. Contract Writing (6 hours)

7. Risk Management (3 hours)

8. Escrow Requirements (3 hours)

9. Real Estate-Related Finance (2 hours)

Unfortunately, AceableAgent doesn't offer Virginia CE course packages (yet!). But you can find a qualified real estate school on the REB website.

CE Requirements for Salespersons

Salesperson CE requirements consist of 16 credit hours. Of those 16 hours, 8 hours of coursework must cover certain mandatory topics. The continuing education has to include:

• 2 hours on fair housing laws

• 3 hours on ethics and standards of conduct

• 1 hour on legal updates and emerging trends (including flood zone areas and the National Flood Insurance Program)

• 1 hour on real estate agency

• 1 hour on real estate contracts

For the remaining 8 hours, you can choose from different real estate topics and find what interests you most. Just make sure they're state-approved CE courses!

CE Requirements for Brokers

Brokers have their own, different CE requirements. Brokers have to take 24 hours of CE per 2-year renewal period. Of those 24, 16 hours of coursework must cover certain mandatory topics.

Broker continuing education has to include:

• 8 hours on supervision and management of real estate agents and brokerage firms

• 2 hours on fair housing laws

• 3 hours on ethics and standards of conduct

• 1 hour on legal updates and emerging trends (including flood zone areas and the National Flood Insurance Program)

• 1 hour on real estate agency

• 1 hour on real estate contracts

For the remaining 8 hours, brokers can take their pick of any other real estate CE courses that have been approved by the REB.

Cost of Renewing Your Real Estate License

When it's time to renew your Virginia real estate license of any kind, you'll submit a fee and a renewal application to the REB.

As long as you file your renewal paperwork on time, the real estate license renewal fee is just $65 for a sales agent or $80 for a broker.

Late Renewal and Reinstating Your License

If you fail to renew your license within 30 days of its expiration date, the license has to be reinstated. A reinstatement is similar to a renewal in that continuing education is required if you want an active license, but not required if you want an inactive license.

A reinstatement is an option for curing expired licenses for up to a year from the expiration date. If you don't reinstate within one year of your license expiration, you will have to apply for a brand new license and re-do all the education and exam requirements that go along with that process.

License reinstatement costs $100 for sales agents and $120 for brokers.

You can save yourself money and stress by completing your CE and renewing your real estate license on time.

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Source: https://www.aceableagent.com/blog/how-keep-your-virginia-real-estate-license-current/

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