What is a transaction recovery fund in real estate?
The Real Estate Recovery Fund is available to persons who are awarded a court judgment or an arbitration award which includes findings of fact and conclusions of law against a real estate licensee for fraud, conversion of trust funds or criminal restitution.
When the transaction recovery fund balance falls below a statutory minimum it results in?
If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. What is the maximum that one licensee may be assessed during a two-year period?
What happens if the real estate recovery fund falls below the required minimum balance of $500000?
4 of 9 – What happens if the Real Estate Recovery Fund falls below the required minimum balance of $500,000? A surcharge is collected from real estate licensees. The existing balance is invested to increase the funds. Nothing happens because the minimum required balance is not $500,000.
Who orders money to be paid from the recovery fund?
What will the listing agent receive if the agent is scheduled to get a 65% share from his broker? Who orders money to be paid from the Recovery Fund? A court.
What happens if the real estate recovery fund falls below the required minimum balance of $100000?
There are no excess funds at that dollar amount. What happens if the Real Estate Recovery Fund falls below the required minimum balance of $100,000? Nothing happens because the minimum required balance is not $100,000.
Who is the VA Real Estate Transaction Recovery fund administered by?
The fund is overseen by the Director of the DPOR, or Department of Professional and Occupational Regulation. Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery Fund.
What is a recovery fund?
Estate Education, Research, and Recovery Fund (the Fund) is to compensate members of the public who have been damaged by a real estate broker’s or real estate sales agent’s (the Agent) fraud, misrepresentation, or deceit in a real estate transaction, if the Agent can- not pay.
What must be included with declaration instruments to the Virginia real estate Board under the Virginia condo act?
What must be included with “declaration instruments” to the Virginia Real Estate Board, under the Virginia Condo Act? are open to anyone. must be posted 24 hours prior to the actual meeting time. are open to all members of the association.
What is the maximum amount a claimant can receive from the guaranty fund for a single transaction?
Guaranty Fund claims are limited to actual monetary damages suffered, up to $50,000.
What is loyalty in real estate?
Loyalty. A duty of loyalty is one of the most fundamental fiduciary duties owed by an agent to his principal. This duty obligates a real estate broker to act at all times solely in the best interests of his principal to the exclusion of all other interests, including the broker’s own self-interest.