Real Bis: VA Law and Regulations - Chapter 5

Monetary claims (per licensee) to the transaction recovery fund for a single transaction are limited to

$20,000 to any one claimant, with a maximum of $100,000 to all claimants

If the Transaction Recovery Fund falls below the 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?

$20.00

The minimum balance for the transaction recovery fund is set at:

$400,000

A person who has suffered financial loss due to a licensee's misconduct may file a complaint with the Transaction Recovery Fund:

After all legal avenues of recovery from the licensee have been exhausted

If a payment is made Transaction Recovery Fund, the license of the licensee involved will be:

Automatically revoked

A licensee has refused to pay a special assessment of $20.00 to the Transaction Recovery Fun even after receiving a second notice. At this point, the licensee:

Is automatically suspended after 30 days

The Transaction Recovery Fund was established for the protection of:

Persons suffering monetary loss due to a licensee's misconduct

Claims for payment from the Transaction Recovery Fund are filed with the:

The Real Estate Board

If a broker has repaid the Real Estate Board for amounts awarded from the Transaction Recovery Fund, which of the following is true? A. his or her license is automatically reinstated B. the Real Estate Board could withhold issuance of a new license, forever C. he may apply for a new license within 30 days D. he or she will be reinstated at the level of salesperson, NOT as a broker, for a period of 2 years

The Real Estate Board could withhold issuance of a new license, forever

When a claim is paid from the Transaction Recovery fund, which of the following statements is true? Select one: A. The respondent must post a bond in order to continue practicing real estate B. The claimant must subrogate his or her rights to the Board, to the extent of the amount of money paid by the Fund C. The claimant must prove that the respondent has filed for bankruptcy D. The respondent must repay the Fund within 30 days

The claimant must subrogate his or her rights to the Board to the extent of the claim paid by the Fund