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Real Estate Salesperson Exam — National Portion

Recovery fund (VA): practice questions

Our Real Estate (National) bank has 9 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Virginia

What is the most one claimant can recover from Virginia's fund for one transaction?

  1. $10,000
  2. $20,000
  3. $50,000
  4. $100,000
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B. $20,000 — Va. Code 54.1-2116(B).

Question 2 · Virginia

What is the cap on all claims against Virginia's fund for one licensee's single transaction?

  1. $20,000
  2. $50,000
  3. $100,000
  4. $200,000
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B. $50,000 — Va. Code 54.1-2116(A).

Question 3 · Virginia

What is the cap on claims against Virginia's fund for one licensee over multiple transactions in a biennial period?

  1. $50,000
  2. $100,000
  3. $250,000
  4. No cap
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B. $100,000 — Va. Code 54.1-2116(C).

Question 4 · Virginia

Within how long of a final judgment must a Virginia Recovery Fund claim be filed?

  1. 30 days
  2. 6 months
  3. 12 months
  4. Three years from the date of the original loss
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C. 12 months — Va. Code 54.1-2114(B)(3).

Question 5 · Virginia

What does each new Virginia licensee pay into the Real Estate Transaction Recovery Fund?

  1. $15
  2. $20
  3. $50
  4. $75
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B. $20 — Va. Code 54.1-2113(A).

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