Virginia License Law
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?
A$20,000
B$50,000✓ Correct
C$100,000
D$250,000
Explanation
Virginia's Real Estate Transaction Recovery Fund pays a maximum of $50,000 per transaction (per claimant) and $150,000 per licensee, for actual losses caused by the licensee's fraudulent, misrepresentative, or dishonest conduct.
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