Are you a licensed broker in North Carolina and considering expanding your business potential by getting a license to practice in Virginia as well?
What does a Virginia reciprocity real estate license require?
What is Reciprocity?
First and foremost, let’s define reciprocity as it applies to real estate. License reciprocity simply means that if you currently hold an active real estate license in one state in the US, you may apply for a license in another state without having to complete all of the state-required licensure education requirements that an unlicensed prospective licensee would have to complete. Each state is unique in these requirements; some states have full reciprocity agreements with other states, most have some form of partial reciprocity, and a few states have no reciprocity agreements. For those without any reciprocity agreements, you will be required to complete all of the state’s education and application requirements to become licensed.
In order to apply as a licensed agent through reciprocity, your North Carolina real estate license must be active and in good standing. If your license has expired or is inactive, you should renew and reactivate it prior to applying for reciprocity in another state. If you have any open disciplinary actions filed against you that have not been resolved, you will want to have them settled prior to submitting an application in another state. Applying for a license in another state requires you to have the ability to prove a track record of exceptional moral and ethical character.
Virginia Reciprocity Requirements
Virginia offers full reciprocity to applicants from any state and does not require that an applicant resides in the state to be considered for a license. Per the Virginia Department of Professional and Occupational Regulations’ website, in order to be considered for a broker’s license you will need to complete the following steps:
You must have passed the licensure exam in the jurisdiction of licensure, with this exam deemed to be substantially equivalent to the Virginia licensing exam.
The prospective licensee must pass the Virginia real estate laws and regulations section of the licensing exam. This must be done no more than 12 months prior to submitting your reciprocity license application.
Your current and active license must be in good standing in your jurisdiction of brokerage.
You shall not have had a license as a real estate Broker or real estate Salesperson which was suspended, revoked, or surrendered in connection with disciplinary action or which has been the subject of discipline in any jurisdiction prior to applying for licensure in Virginia.
You must have met educational requirements that are substantially equivalent to those required in Virginia.
At the time of application for a Broker License, you must have met educational requirements that are substantially equivalent to those required in Virginia, and you must have been actively engaged for 36 of the preceding 48 months.
You shall have a good reputation for honesty, truthfulness, and fair dealing, and be competent to transact the business of a real estate Salesperson or Broker in such a manner as to safeguard the interests of the public.
You must undergo and pass a fingerprint and background check.
Though there are a number of requirements that must be met, the ability to conduct business in two states can be extremely profitable. Virginia is a popular option for many North Carolina real estate brokers, given the proximity of the states.
Remember, the first step to applying for reciprocity in other states is making sure that your NC License is active, and we have all the classes you need to make sure that it is!
Bear in mind, that these requirements can change at any time, and are only represented to be current as of the date of publication of this article. It is the responsibility of the prospective licensee to reach out to the Real Estate Commission for any state you are applying to check for any updates or changes to their reciprocity requirements.