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Real Estate sales /rules!

 
IslaJefe
(@IslaJefe)
New Member

I tried to look them up on the search function but i couldn't find anything... I was wondering the rules of real estate sales. If you needed a license like the mainland, or no like Puerto RIco and 90% of caribbean countries... what are the rules , restrictions on real estate sales. thanks for all of your help in advance- Justin

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Topic starter Posted : August 16, 2010 5:02 pm
speee1dy
(@speee1dy)
Expert

as far as i know you do need to be licensed, but people who are deal with real estate can better answer your question.

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Posted : August 16, 2010 5:16 pm
Bombi
(@Bombi)
Trusted Member

LICENSING FOR REAL ESTATE CAREERS IN THE VIRGIN ISLANDS
by Compiled by VIBusiness Staff

The Virgin Islands Islands Real Estate Commission has established various categories of licensed professions in the Real Estate field in the Virgin Islands. Here's a step process for acquiring a license:

Purpose of Licensure:
To set standards of qualifications, education, training and experience for persons engaged in the Real Estate field. To promote high standards of professional performance for those persons working in the Real Estate field. To ensure that everyone engaged in work in the Real Estate field is licensed.

Period of Licensure:
Permanent licenses are issued on an annual basis.
Temporary licenses are issued for six (6) months within one (1) calendar year.

Initial Application Process: SALESMAN
Applicant must be a resident of the U.S. Virgin Islands for at least thirty days (30) immediately prior to application for examination.

1) Completed and notarized application obtained from the Office of Boards and Commissions at the Department of Licensing and Consumer Affairs.
2) Three (3) 2x2 photographs of applicant.
3) Social Security Card.
4) Letter from licensed broker sponsoring applicant.
5) Application fee of Ten Dollars ($10.00).
6) Temporary License fee of One Hundred Dollars (100.00).

Initial Application Process: BROKER
1) Completed and notarized application form.
2) Proof that applicant has been a Licensed Real Estate Salesman in the Virgin Islands for two (2) consecutive years or a licensed attorney admitted to practice in the U.S. Virgin Islands.
3) Three (3) 2x2 photographs of applicant.
4) Social Security Card.
5) Application fee of Ten Dollars ($10.00).
6) Certificate of Good Standing from the Territorial or District Court (Applies to Attorneys Only).

Examination:
Persons interested in being a licensed in any area of the Real Estate industry are required to sit an examination. Effective February 1998, the examination will be given twice weekly via computer.

Renewal of License:
1) A completed renewal application.
2) Tax Clearance Letter from the V.I. Bureau of Internal Revenue.
3) Payment of required License fees.
Real Estate Salesman ---$200.00
Real Estate Broker ---$250.00
Real Estate Brokerage Company---$250.00
Change of Broker ---$50.00
Change of Address ---$50.00

BOARD MEMBERS
Attorney Fred Vialet, Jr., Chairman
Jan Hanley
Peggy Lyman
Lauritz Schuster
Yvonne Tharpes

Mailing Addresses:
LISA DAVIS
Assistant Commissioner
Boards and Commissions

V.I. REAL ESTATE COMMISSION
PROPERTY & PROCUREMENT BUILDING
#1 SUB BASE, ROOM 205
CHARLOTTE AMALIE, ST. THOMAS
U.S.V.I. 00802
(340) 774-3130 phone
(340) 776-8303 fax

V.I. REAL ESTATE COMMISSION
GOLDEN ROCK SHOPPING CENTER
CHRISTIANSTED, ST. CROIX
U.S.V.I. 00820
(340) 773-2226 phone
(340) 778-8250 fax

REVISED 1/98 BY THE OFFICE OF BOARDS AND COMMISSIONS

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Posted : August 16, 2010 5:23 pm
East Ender
(@east-ender)
Expert

You gotta love this board...(tu)

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Posted : August 16, 2010 8:01 pm
stephyjh
(@stephyjh)
Advanced Member

Also note that there is NO reciprocity with the licensure in any other state. I took the real estate course in NC, but it was useless to me when I got here.

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Posted : August 17, 2010 2:21 am
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