What is the Virginia Transaction Recovery Fund?

46.2-1527.1. Motor Vehicle Transaction Recovery Fund established.

All fees in this article shall be deposited in the Motor Vehicle TransactionRecovery Fund, hereinafter referred to in this article as "the Fund." TheFund shall be a special fund in the state treasury to pay claims against theFund and for no other purpose, except the Board may expend moneys from theinterest earned on the Fund for the administration of this article, inaccordance with the general appropriation act. The Fund shall be used tosatisfy unpaid judgments, as provided for in 46.2-1527.3. Any interestincome shall accrue to the Fund. The Board shall maintain an accurate recordof all transactions involving the Fund. The minimum balance of the Fund shallbe $250,000. In order to maintain the minimum Fund balance, the Board maylevy a special assessment on all dealers participating in the Fund.

Every applicant renewing a motor vehicle dealer's license shall pay, inaddition to other license fees, an annual Fund fee of $100, and everyapplicant for a motor vehicle salesperson's license shall pay, in addition toother license fees, an annual Fund fee of $10, prior to license issue.However, annual Fund renewal fees from salespersons shall not exceed $100 peryear from an individual dealer. These fees shall be deposited in the MotorVehicle Transaction Recovery Fund.

Applicants for an original motor vehicle dealer's license shall pay an annualFund fee of $250 each year for three consecutive years. During this period,the $250 Fund fee will take the place of the annual $100 Fund fee.

In addition to the $250 annual fee, applicants for an original dealer'slicense shall have a $50,000 bond pursuant to 46.2-1527.2 for threeconsecutive years. Only those renewing licensees who have not been thesubject of a claim against their bond or against the Fund for threeconsecutive years shall pay the annual $100 fee and will no longer berequired to pay the $250 annual fee or hold the $50,000 bond.

In addition to other license fees, applicants for an original Certificate ofDealer Registration or its renewal shall pay a Fund fee of $60.

The Board may suspend or reinstate collection of Fund fees.

The provisions of this section shall not apply to manufactured home dealersas defined in 36-85.16, T&M vehicle dealers as defined in 46.2-1900,trailer dealers as defined in 46.2-1992, motorcycle dealers as defined in 46.2-1993, and nonprofit organizations issued certificates pursuant tosubsection B of 46.2-1508.1.

The provisions of this section shall not apply to applicants for the renewalof a motor vehicle dealer's license where such applicants have not been thesubject of a claim against a bond issued pursuant to 46.2-1527.2 or againstthe Fund for three years and such applicants elect to maintain continuousbonding pursuant to Article 3.2 ( 46.2-1527.9 et seq.) of this chapter. Suchapplicants shall not participate in the Fund and shall be exempt from thepayment of any Fund fees.

(1994, cc. 478, 671; 1995, cc. 767, 816; 1998, c. 325; 2000, c. 180; 2003, c.331; 2006, c. 172.)

Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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 the maximum amount that a licensee involved in multiple transactions can receive from the transaction recovery fund?

A successful applicant to the Recovery Fund may be paid up to a statutory maximum of $50,000 per transaction, with a possible total aggregate maximum of $250,000 per licensee.

What is the recovery account in real estate?

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.”Jul 24, 2017.

What is the main purpose of the Recovery Trust Account?

These TREC recovery funds are “funds of last resort.” They have been created to reimburse consumers for out-of-pocket damages caused by license holders when the license holders cannot pay for those damages.

What is the minimum balance of the Virginia Real Estate Transaction Recovery Fund?

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.

Who administers the Virginia Real Estate Transaction Recovery Fund?

Real Estate Transaction Recovery Fund | Virginia Department of Professional and Occupational Regulation.

What is one purpose of the Indiana real estate Recovery Fund?

Managed by the Indiana Real Estate Commission, the Indiana Real Estate Recovery Fund was established to protect consumers and clients from cash losses due to unlawful practices by real estate licensees.

Which funds would not need to be held in an escrow account?

a broker is NOT required to hold money in an escrow account if: the deposit is less than $500. all parties to the transaction have agreed, in writing. closing is scheduled in less than 30 days. the purchaser is a non profit organization.

When May Brokers make a claim against the Florida real estate Recovery Fund?

The time period is also an important factor when an injured party makes a claim to the Real Estate Recovery Fund. The party has 2 years from the time the violation occurred or 2 years from when the violation was discovered. If the violation is over four years, no claim can be made.

What minimum balance must always be maintained in the recovery fund?

Fund must always maintain a minimum of $1 million. If it falls below, each licensee, at time of renewal, may be assessed up to $30 for each year in the renewal period.

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.

How is the real estate Recovery Fund funded?

The fund shall be administered by the real estate commission. (b) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.

Who is entitled to reimbursement from the real estate Recovery Trust Account quizlet?

reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees.

How can a license holder avoid misrepresentation?

To avoid misrepresentation, a license holder should: only give factual information from reputable sources; avoid speculation; and point potential buyers to the resources that can help with questions that you shouldn’t answer.

What is the maximum payment a person may receive from the recovery fund for claims arising out of a single transaction Texas?

*Recovery Fund disbursements are limited to a maximum aggregate payment of $50,000 for all claims arising out of a single transaction.

Who is exempt from Virginia real estate license requirements?

Any person, partnership, association, corporation, entity, or their regular employees, who as owner or lessor perform any of the acts enumerated in §§ 54.1-2100 and 54.1-2101 with reference to property owned or leased by them, where the acts are performed in the regular course of or incident to the management of the.

How much must new licensees initially pay into the Virginia real estate Transaction Recovery Fund?

Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery Fund.

Is Virginia a disclosure state?

Although federal law requires some basic disclosures across the U.S., Virginia law does not require sellers to disclose much information about their property at all.

How do I report an unlicensed contractor in Virginia?

If you think you have been a victim of an unlicensed contractor please reach out to the Office through Consumer Protection Hotline at 1-800-552-9963, or file a complaint on its website.

What is the Virginia contractor Transaction Recovery Fund?

The Virginia Contractor Transaction Recovery Act provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed residential contractor. The Recovery Fund is supported entirely by assessments paid by licensed contractors, not by any tax revenues.

Under which of the following circumstances can a listing agreement be terminated in Virginia?

Under which of the following circumstances can a buyer agency agreement be terminated in Virginia? If the buyer and agent both agree in writing to end the agreement.

What is the maximum amount that may be paid from the Indiana real estate Recovery Fund for each violation?

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.

Which of the following does not fall under the exceptions to requiring a real estate license in Indiana?

Which of the following does not fall under the exceptions to requiring a real estate license in Indiana? Real Estate Commission. Why can a licensed auctioneer sell property at a public auction without a real estate license?.

What is one purpose of the Indiana real estate Recovery Fund quizlet?

What is one purpose of the Indiana Real Estate Recovery Fund? To cover claims against real estate practitioners for embezzlement of money that results in a cash loss to someone.