Get And Sign Virginia Contractors Recovery Fund Claim Form 2017-2021
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FAQs contractor transaction recovery fund
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People also ask
What is the Florida real estate recovery fund?The Real Estate Recovery Fund is an account created by the Florida Real Estate Commission (\u201cFREC\u201d) to reimburse any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate ...
What is the recovery fund?Real Estate Recovery Funds Law and Legal Definition. The real estate recovery fund means funds used for the reimbursement of aggrieved persons who suffer monetary damages due to acts committed by licensed real estate brokers or salesmen. Provided such act must be performed by a broker or salesman.
What is the maximum amount an individual could receive from the Real Estate Recovery Fund?Regardless of the number of applicants, payments from the Real Estate Recovery Trust Account may not exceed $50,000 per transaction, with a maximum of $100,000 per license holder for multiple transactions.
What are the limits of recovery from the real estate recovery trust fund?Consumers who apply for payment from the Real Estate Recovery Trust Account may recover up to $50,000 per transaction, with a maximum of $100,000 per license holder for multiple transactions.
What is the 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.