If a licensee has multiple claims against them, what is the maximum amount that can be claimed from the Fund over a two-year period?

In Virginia, the Real Estate Transaction Recovery Fund provides a safety net for consumers harmed by the actions of real estate licensees. The Fund is designed to help claimants recover damages that may not be collectible from the individual licensee.

For individuals who have multiple claims filed against a single licensee, the maximum payout from the Fund is capped at $100,000 over a two-year period. This means that, regardless of the number of claims presented, a claimant cannot receive more than this amount from the Fund in total for all claims against that licensee during the specified timeframe. This limit is established to ensure that funds are available for multiple consumers and to prevent any single claim from exhausting the resources available for consumer protection.

Understanding this limit is crucial for both real estate professionals and consumers, as it sets clear expectations regarding potential recovery in the event of misconduct by a licensee.