Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery Fund. The Fund’s minimum balance is $400,000. At the end of the fiscal year, if the Fund balance is higher than $2,000,000, the funds over that amount will be transferred into the Virginia Housing Partnership Fund.
What is the Virginia real estate Recovery Fund?
The Virginia Real Estate Transaction Recovery Act provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker, or firm. The Recovery Fund is supported entirely by assessments paid by licensees, not by any tax revenues.
What is the maximum liability of the real estate Recovery Fund?
The fund’s liability shall not exceed: 1. Thirty thousand dollars for each transaction, regardless of the number of persons aggrieved or the number of licensees or parcels of real estate involved.
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 funds the real estate Recovery Fund?
The California Real Estate Recovery Fund was established in 1964. It is funded both from a portion of real estate license fees and also from fines collected by the Department of Real Estate (DRE).
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 administers Virginia real estate transaction recovery?
The Board for Contractors licenses and regulates more than 100,000 Virginia businesses and individuals. The Board also administers the Virginia Contractor Transaction Recovery Fund, which provides monetary relief to consumers who incur losses through the improper and dishonest conduct of a licensed contractor.
What is the maximum amount the recovery fund?
Payments from the Real Estate Inspection Recovery Fund may not exceed $12,500 per transaction, with a maximum of $30,000 per license holder for multiple transactions.
What does Dre mean in real estate?
The California Department of Real Estate (DRE) is the governing body responsible for licensing and regulating real estate professionals operating in the state of California.
What is a real estate recovery account?
The BRE states it this way: “The Recovery Account is a fund of last resort for a member of the public who has obtained a final judgment against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the normal post-judgment proceedings.”
What is the real estate Education Research and Recovery Fund?
The primary purpose of Utah’s Real Estate Education, Research, and Recovery Fund is to compensate victims of fraud or other types of deception perpetrated by a licensed real estate agent in a real estate transaction.
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.
How is the real estate Education Research and Recovery Fund funded?
How It Works. The Consumer Recovery Account became operative on July 1, 1964 and is funded from a portion of the fees paid by licensees. … More than 4,000 applications have been filed since July 1964 and over 50% of all claims filed have been paid, in full or in part.
What is the minimum amount of funds that must be maintained in the recovery fund?
The fund is maintained at a minimum level of four hundred thousand dollars.
How is the recovery account funded?
The California Department of Real Estate administers a victim’s fund known as the Real Estate Consumer Recovery Account Fund (“Consumer Recovery Account”). The Consumer Recovery Account is funded from a portion of the fees paid by real estate licensees.
What NRS 119?
NRS 119.184 Sales: Approval of advertising and offering. 1. A subdivision consisting of land situated in the State of Nevada or another state must not be advertised or offered for sale within the State of Nevada until the advertising and offering is approved by the Division.