New Flood Requirements: Disclosure Notice Amended and CE/PL Education Changes
New Residential Property Disclosure – Effective July 1, 2015
The Virginia Residential Property Disclosure Act (Title 55, Chapter 27 of the Code of Virginia) governs the information owners must disclose to prospective purchasers of real property. Effective, July 1st, 2015 a Flood Hazard Area Disclosure paragraph is now part of the Residential Property Disclosure Notice to Seller and Purchaser DPOR web page :
10. SPECIAL FLOOD HAZARD AREAS: The owner makes no representations with respect to whether the property is located in one or more special flood hazard areas and purchasers are advised to exercise whatever due diligence they deem necessary, including (i) obtaining a flood certification or mortgage lender determination of whether the property is located in one or more special flood hazard areas, (ii) review of any map depicting special flood hazard areas, and (iii) whether flood insurance is required, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event, prior to settlement pursuant to such contract.
New Flood Disclosure Regulations Impact CE/PLE Education Requirements – Effective Jan. 1, 2016
HB 2295 goes into effect on the first day of 2016. A change in law requires that real estate Licensees receive instruction on “flood hazard areas and the National Flood Insurance Program”. DAAR will include this required instruction to PLE – Real Estate Law – 8 hour course and CE – Legal Updates – 1 hour course beginning January 1st, 2016.
How these changes impact you:
What is required if my license (Salesperson or Broker) renews after December 31, 2015 and I have not yet completed my required Legal Update (CE) or Law (PLE) class?
Good news! All you have to do is complete your mandatory hours at DAAR after January 1st, 2015. You will receive the required training as part of your DAAR class.
What do I need to do if my license (Salesperson or Broker) renews after December 31, 2015 and I have already completed my legal update requirement?
You WILL be required to take an additional one hour Legal update course that includes the flood content. You can take a class that offers Legal Updates with Flood Content beginning in January 2016 at DAAR.
What do I need to do if my license (Salesperson or Broker) renews after December 31, 2015 and I have not taken my 16 or 24 hours- but I plan on taking my mandatory CE hours at another school?
You will need to check with that school as to whether the course includes Flood Content. All DAAR courses will provide the required Flood Content effective January 1st, 2016.
For more information, please contact Teresa Kirkhart, Professional Development & Standards Director, 571-291-9805 or email@example.com