Title: Identify the penalties imposed upon a real estate salesperson through the Real Estate Transaction Recovery Fund.
Course: Real Estate (12154) > Section: Exploring State Legislation and Regulatory Statutes

Identification of penalties should reference DPOR's Real Estate Transaction Recovery Fund (http://www.dpor.virginia.gov/Boards/Real_Estate_Recovery_Fund).

DPOR correlations: 18VAC135-20-400. 22 (Regulatory statutes); 18VAC135-20-400. 25 (Real Estate Board regulations)

Process/Skill Questions:

- Can a real estate agent contest the findings of the board regarding the recovery fund? Explain.
- Is the agent required to abandon the commission received during the case in question? Explain.
- What is the impact of penalties upon a real estate agent's career in the short term? In the long term?
- What should agents do to avoid these conflicts of interest?
- What is Errors and Omissions insurance, and why is it so important?