republic-os/legislation/us/states/va/2018/sb-514.md

---
type: "Bill"
title: "Real Estate Board; powers and duties, escrow funds."
description: "Establishes notice provisions and required procedures to be followed in the case of escrow funds held by a real estate broker in the event of termination of a real estate purchase contract. In addition, the bill requires that the curricula for new licensees of the Real Estate Board (the Board) include real estate-related finance as one of the topics and requires the Board to establish guidelines for a post-license educational curriculum for real estate salespersons consisting of at least 30 hours of instruction to be completed within one year from the last day of the month in which the initial license was issued. The bill (i) adds to the curriculum for broker continuing education courses the requirement that at least two hours of instruction include an overview of broker supervision requirements under Virginia law and Board regulations and (ii) requires the Board to develop a form to be signed by the parties to a real estate transaction to acknowledge that the purchaser has been advised to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make available on its website the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.). Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to"
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2018"
identifier: "SB 514"
citation: "Virginia SB 514 (2018)"
classification: ["bill"]
subjects: ["Commissions", "Boards and Institutions Generally", "Professions and Occupations"]
status: "enacted"
primary_sponsors: ["David R. Suetterlein"]
version_count: 3
action_count: 18
vote_count: 5
first_action: "2018-01-09"
last_action: "2018-03-02"
source: "openstates"
source_identifier: "ocd-bill/924b5e3f-378a-465f-a0ed-69893105cb13"
source_url: "http://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+SB514"
source_hash: "8244bef0ae483760c4e9223f44eb6110122ed77164b05df8a31a5627f8f9dce3"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-va"]
---

# Virginia SB 514 (2018) — Real Estate Board; powers and duties, escrow funds.

Establishes notice provisions and required procedures to be followed in the case of escrow funds held by a real estate broker in the event of termination of a real estate purchase contract. In addition, the bill requires that the curricula for new licensees of the Real Estate Board (the Board) include real estate-related finance as one of the topics and requires the Board to establish guidelines for a post-license educational curriculum for real estate salespersons consisting of at least 30 hours of instruction to be completed within one year from the last day of the month in which the initial license was issued. The bill (i) adds to the curriculum for broker continuing education courses the requirement that at least two hours of instruction include an overview of broker supervision requirements under Virginia law and Board regulations and (ii) requires the Board to develop a form to be signed by the parties to a real estate transaction to acknowledge that the purchaser has been advised to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make available on its website the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.). Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Senate: Bill text as passed Senate and House (SB514ER)** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB514ER)
2. **Senate: Committee substitute printed 18105702D-S1** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB514S1)
3. **Senate: Prefiled and ordered printed; offered 01/10/18 18104554D** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB514)

## Votes

- Reported from General Laws and Technology with substitute — **15–0** (pass) · legislature
- Constitutional reading dispensed — **40–0** (pass) · legislature
- Passed House BLOCK VOTE — **100–0** (pass) · legislature
- Read third time and passed Senate — **39–0** (pass) · legislature
- Reported from General Laws — **22–0** (pass) · legislature

## Sponsors

- David R. Suetterlein — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2018-01-09** Prefiled and ordered printed; offered 01/10/18 18104554D `introduction`
- **2018-01-09** Referred to Committee on General Laws and Technology `referral-committee`
- **2018-01-25** Read second time `reading-2`
- **2018-01-25** Reading of substitute waived
- **2018-01-25** Committee substitute agreed to 18105702D-S1
- **2018-01-25** Engrossed by Senate - committee substitute SB514S1
- **2018-01-31** Placed on Calendar
- **2018-01-31** Read first time `reading-1`
- **2018-01-31** Referred to Committee on General Laws `referral-committee`
- **2018-02-19** Read second time `reading-2`
- **2018-02-20** Read third time `reading-3`
- **2018-02-20** Passed House BLOCK VOTE (100-Y 0-N) `passage`
- **2018-02-22** Enrolled
- **2018-02-22** Signed by Speaker
- **2018-02-23** Signed by President
- **2018-02-26** Enrolled Bill Communicated to Governor on February 26, 2018
- **2018-02-26** Governor's Action Deadline Midnight, March 5, 2018
- **2018-03-02** Approved by Governor-Chapter 86 (effective 7- see bill) `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/924b5e3f-378a-465f-a0ed-69893105cb13`. Confidence: reported (aggregated from official Virginia legislature records).