Virginia 2HR Contract Law
The purpose of this course is to provide licensees with a thorough understanding of the core components of the variety of contracts they use in the course of their business. We'll start by laying the groundwork, examining the essential elements and the language that makes a contract truly binding. But this course goes beyond the basics. We'll unpack a variety of real-world contracts, from listing agreements to buyer-broker deals, and everything in between.
This two-hour course, which meets the real estate contracts requirement for renewing salespersons and brokers, analyzes common agency agreements, Virginia-specific contract guidelines, and explicit requirements. Next, we'll turn our attention to licensees and their role in crafting airtight purchase agreements. Finally, get ready to master the art of contract negotiation, see how agreements are put into action, and even explore what happens when things fall apart (and how to fix them!).
Course highlights include:
- Contract terminology and the elements of a valid contract
- The three key types of listing contracts—exclusive right to sell, exclusive agency, and open agency—and the benefits and defining characteristics of each
- Void and voidable contracts
- How offers can be terminated
- Virginia's guidelines for correctly handling each contract
- Activities to seal in the new information and frame it in everyday context
- Preparing for a sales transaction
- The licensee's role in preparing purchase agreements
- Negotiating the sales contract
- Understanding the types of performance—performance, partial, specific and impossibility of performance
- Contract breaches and remedies
- Virginia's statute of limitations for real estate transactions
State Requirements For Virginia
Virginia State Requirement Details for Real Estate Salesperson Continuing Education
Renewal Date: License expires every two years on the last day of the initial license month. Renew no earlier than 60 days prior to license expiration.
Hours Required by the State if License Expires Before June 30, 2026: 16 hours
- 8 hours of mandatory course topics
- 3 hours in Ethics & Standards of Conduct
- 2 hours in Fair Housing
- 1 hours in Legal Updates and Emerging Trends
- 1 hours in Real Estate Agency
- 1 hours in Real Estate Contracts
- 8 hours of elective course topics or mandatory course topics
Hours Required by the State if License Expires On or After June 30, 2026: 16 hours
- 11 hours of mandatory course topics
- 3 hours in Ethics & Standards of Conduct
- 2 hours in Fair Housing
- 2 hours in Legal Updates and Emerging Trends
- 2 hours in Real Estate Agency
- 2 hours in Real Estate Contracts
- 5 hours of elective course topics or mandatory course topics
Note: These Continuing Education requirements also apply to inactive experienced salespersons who apply to activate their licenses. No Continuing Education is required of new salespersons in their first two-year license term. However, some new salesperson licensees—upon completion of their 30-hour Post-License Education requirement—may choose to begin taking Continuing Education courses in the six months just prior to renewing their license for the first time. If a new salesperson completes Continuing Education courses in those last six months of the first licensure period, those hours may carry over to the 16-hours required of them during their second two-year licensure term pursuant to 18 VAC 135-20-101.
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