What amount must each new licensee contribute to the Virginia Real Estate Transaction Recovery Fund?

Each new licensee is required to contribute $20 to the Virginia Real Estate Transaction Recovery Fund. This fund is established to protect consumers and ensure that there are resources available in the event that a licensee commits certain acts of misconduct, such as fraud or wrongful acts that result in financial loss for a consumer. The contributions help maintain the fund and make it accessible for legitimate claims against licensed real estate professionals who are unable to compensate affected individuals. The amount set, in this case, is $20, which is part of the regulatory framework aimed at maintaining professionalism and accountability within the real estate industry in Virginia.