§ 54.1-2112. Definitions
As used in this article, unless the context requires a different meaning:
"Act" means the Virginia Real Estate Transaction Recovery Act.
"Balance of the fund" means cash, securities that are legal investments for fiduciaries under the provisions of subdivisions (1), (2), and (4) of § 26-40, and repurchase agreements secured by obligations of the United States government or any agency thereof, and shall not mean accounts receivable, judgments, notes, accrued interest, or other obligations payable to the fund.
"Board" means the Real Estate Board.
"Claimant" means any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act.
"Director" means the Director of the Department of Professional and Occupational Regulation.
"Fund" means the Virginia Real Estate Transaction Recovery Fund.
"Improper or dishonest conduct" includes only the wrongful and fraudulent taking or conversion of money, property or other things of value or material misrepresentation or deceit.
"Regulant" means a person, partnership, association, corporation, agency, firm or any other entity licensed by the Real Estate Board as a real estate broker or real estate salesperson.
(1977, c. 69, § 54-765.2; 1984, cc. 266, 283; 1985, c. 448; 1987, c. 555; 1988, c. 765; 1992, c. 348; 1993, c. 499.)
Sections: Previous 54.1-2106 54.1-2106.1 54.1-2107 54.1-2108 54.1-2109 54.1-2110 54.1-2111 54.1-2112 54.1-2113 54.1-2114 54.1-2115 54.1-2116 54.1-2117 54.1-2118 54.1-2119 NextLast modified: April 16, 2009