Under CRESPA, which of the following entities is NOT allowed to conduct a real estate closing?

Under the regulations set forth by the Virginia Real Estate Settlement and Procedures Act (CRESPA), specific entities are authorized to conduct real estate closings to ensure compliance with legal standards and protect the interests of the parties involved. Real estate brokers, licensed title agents, and title insurance companies are recognized as qualified entities because they possess the necessary licensing and expertise to handle the closing process, which includes facilitating the exchange of documents, managing funds, and ensuring that all legal requirements are met.

In contrast, construction developers are primarily involved in the planning, building, and selling of properties rather than the legal and procedural aspects of real estate transactions. While they may play a role in the sales process, they do not typically have the licensure or regulatory oversight required to conduct a closing. This distinction highlights the importance of having specifically licensed professionals manage real estate closings, ensuring compliance with CRESPA and protecting the interests of buyers and sellers throughout the transaction.