The oversight of the Transaction Recovery Fund is handled by which entity?

The oversight of the Transaction Recovery Fund is the responsibility of the Department of Professional and Occupational Regulation. This department is designed to provide various regulatory services for different professions, including real estate, in Virginia. The Transaction Recovery Fund serves as a financial safety net for consumers who have suffered losses due to the wrongful actions of real estate licensees. By overseeing this fund, the Department ensures that there are mechanisms in place to protect consumers and maintain the integrity of the real estate profession.

While the Real Estate Board also plays a critical role in governing the practices of real estate professionals, it is the Department of Professional and Occupational Regulation that has the specific authority over the Transaction Recovery Fund. The Department ensures compliance with laws and regulations that govern various real estate activities, which includes safeguarding consumer interests through the fund. In contrast, the Department of Insurance primarily deals with matters related to insurance products, and the State of Virginia refers broadly to government entities without specifying responsibilities concerning the Transaction Recovery Fund.