Virginia Post-Licensing: Escrow Requirements
When handling the funds entrusted to you by others, you are constantly faced with decisions that will either increase or decrease your exposure to risk. With that being said, the proper handling of escrow funds is not only a fiduciary duty of real estate licensees, but it’s also the law, and it’s one of the 12 basic duties expected of all Virginia real estate licensees. Handling escrow funds must be done with the utmost care and integrity.
Course Highlights
- Current processes and requirements involved in managing and accounting for escrow funds
- The requirements involved in handling escrow accounts
- How escrow funds work in the course of a real estate transaction
- An overview of Virginia laws and regulations that apply to the handling of escrow funds
- Best practices to avoid commingling funds and to avoid overages or shortages in escrow accounts
- The differences between a deed of trust and a mortgage
- An overview of Virginia’s power of sale foreclosure process
- Real-world examples and case studies in managing and improperly handling escrow funds
State Requirements For Virginia
Virginia State Requirement Details for Real Estate Salesperson Post-Licensing Education
Hours Required by the State: 30 hours
- 2 hours in Fair Housing, ADA and Civil Rights
- 6 hours in Real Estate Law and Regulations
- 3 hours in Ethics and Standards of Conduct
- 2 hours in Current Industry Issues and Trends
- 3 hours in Agency Law
- 6 hours in Contract Writing
- 3 hours in Risk Management
- 3 hours in Escrow Requirements
- 2 hours in Real Estate-Related Finance
Note: The Code of Virginia requires all active new salesperson licensees to complete a Board-approved 30-hour post-license education (PLE) curriculum within one year from the last day of the month in which the license was issued in order to remain on active status. Failure to complete these 30 hours of PLE within the one year will result in automatic placement of your license on inactive status. New salespersons must complete the 30-hour Post-License Education requirement. They do not need to complete the 16-hour Continuing Education curriculum required of other salespersons.
Virginia Department of Professional and Occupational Regulation Real Estate Board
Street Address: 9960 Mayland Drive, Suite 400, Richmond, Virginia 23233-1485
Mailing Address: 9960 Mayland Drive, Suite 400, Richmond, Virginia 23233-1485
Telephone: (804) 367-8526
Email: reboard@dpor.virginia.gov