Virginia Real Estate Recovery Fund Claim Form Instructions
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People also ask
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What is a recovery account in real estate?
It enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring that license, and who satisfies specified requirements (California Business and Professions Code Section 10471 et seq.) to recover at least some of his or her actual loss when the licensee has ...
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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.
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What is the maximum amount for the real estate Recovery fund in California?
Maximum of $250,000 Per Licensee: The maximum possible aggregate approved claims to the recovery fund is $250,000.
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What is the primary purpose of the recovery fund?
Final answer: The primary purpose of the real estate recovery fund is to provide financial compensation to parties injured due to misconduct by a licensed real estate professional.
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What is the purpose of the Ohio real estate Recovery Fund to protect licensees?
The Purpose of the Recovery Fund The fund was established to protect clients and the general public from being injured or losing money because a licensed real estate professional mishandled a transaction or broke state real estate laws.
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What is a recovery fund in real estate?
A state real estate recovery fund is essentially a last resort court that provides partial financial relief for victims of real estate fraud that have tried all other methods of collection, including obtaining a judgment against the guilty defendant.
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What does recovery mean in real estate?
In the recovery phase, the real estate market begins at a low point from the recession. Occupancy and rental rates are low, and new construction starts slow but eventually rises in strength. Experts look at trends like gradual occupancy increases or growing demand to identify when the recovery stage has begun.
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What is the Virginia Real Estate Transaction 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.
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