A Virginia real estate broker, James, has his license revoked by VREB after being found guilty of fraud. A consumer who lost money due to James's conduct has already obtained a final civil judgment against James and now applies to the Virginia Real Estate Transaction Recovery Fund. After the fund pays the consumer's claim, which of the following correctly describes what happens next under Va. Code § 54.1-2112?
Correct Answer
D) James's license remains revoked and may not be reinstated until he repays the full amount paid by the fund, plus interest
Under Va. Code § 54.1-2112, when the Virginia Real Estate Transaction Recovery Fund pays a claim on behalf of a licensee, that licensee's license is revoked (if not already) and may not be reinstated until the licensee has repaid the full amount paid from the fund, plus applicable interest. The fund has a right of subrogation against the licensee, making repayment a condition of any future reinstatement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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