A consumer who suffered financial harm due to a Virginia licensee's fraudulent conduct is seeking compensation from the Virginia Real Estate Transaction Recovery Fund. All of the following statements about the Recovery Fund are accurate EXCEPT:
Correct Answer
C) The fund provides unlimited compensation to any consumer who can demonstrate financial harm by a licensee
The Virginia Real Estate Transaction Recovery Fund does NOT provide unlimited compensation. Under Va. Code § 54.1-2112 et seq., the fund imposes statutory caps on the amount recoverable per transaction and per licensee. The statement that the fund provides unlimited compensation is false and is the exception in this reverse question.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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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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?
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