Virginia's Real Estate Transaction Recovery Fund Flashcards
1
Q
The purpose of the fund
A
To allow consumers to be paid when they have been awarded a judgement for fraud, deceit or misrepresentation in a real estate transaction and exhausted all other remedies to collect the award.
2
Q
The consumer must apply within ________ of the final judgement being awarded.
A
1 year
3
Q
The max amount a consumer can recover from the fund is
A
$20000
4
Q
The max pay-out per licensee is
A
$100,000
5
Q
The fund as a minimum of
A
$400,000
6
Q
Each licensee may be assessed a fee in any given two-year period
A
$20
7
Q
The money in the funds comes from
A
Licensees
8
Q
If money is take from the fund the licessees license is
A
Revoked
9
Q
If you dont pay
A
your license can be suspended
