2013 Code of Virginia
Title 54.1 - PROFESSIONS AND OCCUPATIONS.
Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents Agents
Section 54.1-2112 - Definitions
§ 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 A 1, 2, and 4 of § 2.2-4519, 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.)
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