As far as I know, a residential property manager in Virginia does not necessarliy have to be licensed. If the management company engage in residential leasing on behalf of others, they will need a regular real estate license and would be governed by the Real Estate Board in Richmond. If they are a member of the National Association of Realtors, they would be governed by their Code of Ethics as well.
Some management companies get around the leasing requirement by using a 3rd party licensed real estate company to take care of the leasing part of their business. When the lease has been signed, the management company takes over the day to day management.
There are changes coming when it comes to licensing requirements for community managers and similar, but that would not have any effect on the above.