In its study of persons working in the field of real property management, the Board of Commerce did not find a need to regulate this occupation.

The Board found that the field of real property management is rapidly expanding and will probably continue to do so. It also found only five cases where fraud and loss of funds had taken place across the United States and Canada in the past ten years (with 40,000 known associations).

No evidence was presented to the Board of fraud or loss of funds in Virginia.

The Board also determined that the successful real property manager is not easily identifiable nor easily measured through an occupational licensing law.

BACKGROUND

The 1980 session of the General Assembly of Virginia, in House Joint Resolution No. 93, asked that the Board of Commerce study, in conjunction and cooperation with the Virginia Real Estate Commission, the field of real property management; further, that the Board should determine if the public interest required regulation of real property management, and report back to the General Assembly.

The Board of Commerce established a Study Committee to comply with H.J.R. No. 93.

The Study Committee held a number of meetings, inviting persons involved with property management to offer testimony, comments, and position papers. In addition, a public meeting was held in Northern Virginia on September 8, 1980, to which the members of known Home Owners' Associations and the general public were invited.