Jennifer is a Virginia-licensed salesperson whose license was revoked by the VREB following a finding of fraudulent conduct. A consumer who suffered financial losses as a result of Jennifer's conduct wants to seek compensation. Under the Virginia Real Estate Transaction Recovery Act, what must the consumer do FIRST before applying to the Recovery Fund?
Correct Answer
A) Obtain a final civil judgment against Jennifer in a court of competent jurisdiction
Under Va. Code § 54.1-2112 et seq. (the Virginia Real Estate Transaction Recovery Act), a consumer must first obtain a final civil judgment against the licensee before applying to the Recovery Fund. The fund is a last-resort remedy, and the civil judgment is a mandatory prerequisite to any Recovery Fund claim.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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?
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In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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