Virginia Real Estate Recovery Fund Claim Form Instructions
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People also ask
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What does recovery fund mean in real estate?
Definition of "Recovery fund" A fund constituted in certain states to compensate aggrieved individuals who incurred losses in a real estate transaction associated with a licensed real estate broker or agent. -
Who is ineligible to receive payments from the Virginia Real Estate Transaction Recovery Fund?
Not Eligible the spouse or child of the licensee who is the subject of the claim (the licensee against whom the judgment was awarded), nor the personal representative of such spouse or child; or. any lending or financial institution, nor anyone whose business involves the construction or development of real property. -
What is the maximum amount an individual could receive from the real estate Recovery Fund in Illinois?
By a post-judgement order of the circuit court of the county where the violation occurred in a proceeding described in Section 20-90 of the Act, the aggrieved person may recover an amount of not more than $50,000 from the Recovery Fund for damages sustained by any act, representation, transaction, or conduct described ... -
What is the maximum amount the Recovery Fund can pay out for claims arising from one transaction?
State law limits a single Recovery Fund claim to $20,000, and also limits the total amount of claims per transaction to $50,000. Claims arising from multiple transactions involving the same real estate licensee are limited to $100,000 per biennial license period. -
What is the maximum amount that any claimant may receive from the Recovery Fund?
Maximum of $250,000 Per Licensee: The maximum possible aggregate approved claims to the recovery fund is $250,000. -
What is the maximum amount the real estate recovery account can reimburse a claimant up to in Ohio?
The recovery fund will cover up to $40,000 per licensee to cover actual losses incurred because a licensed agent error. -
What is the Ohio real estate Recovery Fund maximum per licensee liability?
(D) Notwithstanding any other provision of this section, the liability of the fund shall not exceed forty thousand dollars for any one licensee. -
What is the maximum amount for real estate recovery fund in Ohio?
If the application is approved, the fund will pay up to $40,000 maximum per licensed agent or broker.
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