Virginia License Law
What is the purpose of Virginia's Real Estate Transaction Recovery Fund?
ATo fund VREB operations
BTo compensate consumers who suffer monetary losses from licensee fraud or misrepresentation✓ Correct
CTo provide bonding for real estate brokers
DTo pay for licensee continuing education
Explanation
The Virginia Real Estate Transaction Recovery Fund provides a remedy for consumers who suffer monetary losses due to a licensee's fraud, misrepresentation, or deceit when the licensee cannot pay a court judgment.
Related Virginia Virginia License Law Questions
- The Virginia Real Estate Board may discipline a licensee for which of the following?
- Under Virginia's license law, a licensee who wishes to operate a real estate company must obtain which type of license?
- A Virginia real estate licensee must disclose their license status when purchasing real estate for their own account. This requirement exists to:
- Under VA Code § 54.1-2131, the Virginia Real Estate Transaction Recovery Fund pays claims against licensees for fraudulent or dishonest conduct. What is the maximum payment per transaction?
- In Virginia, which of the following is a required disclosure in all MLS listings?
- When a Virginia broker's license is revoked, what happens to the salespersons affiliated with that broker?
- What is the maximum amount payable from Virginia's Transaction Recovery Fund per licensee across all claims?
- A Virginia licensee must report a change of their business address to VREB within:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →