Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery 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 amount of money that can be paid out of the transaction recovery fund for claims against a single licensee during a two year period?
(3) Payment from the fund shall not exceed in the aggregate twenty-five thousand dollars ($25,000) for any one licensee within a single calendar year, and in no event shall it exceed in the aggregate seventy-five thousand dollars ($75,000) for any one licensee.
What is the maximum amount that any claimant may receive from the Recovery fund?
The amount that may be paid from the real estate recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.
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 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.
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 is not a requirement to become a broker in Virginia quizlet?
What is NOT a requirement to become a broker in Virginia? (minimum qualifications for individual licenses) A broker candidate must have 180 credit-hours of classroom, correspondence, or distance learning study. Buying, selling, or leasing on your own behalf does not require licensure.
What is the maximum fine by Nrec per Nevada licensee?
Failure to do so can result in fines to the Nevada Broker. NRS 645.844 – Recent changes increased the amount payable to $25,000 per incident, $100,000 per Nevada Licensee.
Who must maintain a place of business in Virginia?
every resident real estate broker must maintain a place of business in VA. every member or officer who actively participates in brokerage business must hold a license as a broker. a salesperson and a broker may not be principals in the firm together. SPs must be under the supervision of principal broker.
What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single judgment?
The aim of the Recovery Fund is to provide “for the reimbursement of persons who suffer monetary losses because of the unscrupulous acts of licensed brokers or salespersons.” 3 The Recovery Fund can reimburse damaged homebuyers up to $50,000, or an amount equal to an unsatisfied portion of a claimant’s judgment against …
Which estates would consist of the greatest amount of rights?
When a person owns a fee simple absolute estate interest, that person has the absolute right to use the land, possess it, dispose of it, and even damage it. A fee simple absolute estate interest is the greatest and highest property ownership estate right recognized by United States law.
Who sets the amount or rate of real estate commissions quizlet?
While listing the property with you, the seller asks “Who sets real estate commission rates?” The correct response would be: a. The standard rate is set by TREC.
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 real estate Recovery fund funded quizlet?
The Real Estate Recovery fund is financed through money received from administrative fines and surcharges on new and renewing licenses.
What is the required minimum balance for the Indiana real estate Recovery fund?
The Indiana Real Estate Recovery Fund
The fund aims to maintain a balance of $600,000, but if it dips below $450,000, the Indiana Real Estate Commission will raise money for the account by increasing licensing and renewal fees.