What is the minimum balance required in the Transaction Recovery Fund?

The minimum balance required in the Transaction Recovery Fund is indeed $400,000. This fund is established to protect consumers who may suffer monetary losses due to the actions of a licensed real estate agent or broker in Virginia. The purpose of this fund is to provide a financial safety net for individuals who have been wronged in real estate transactions.

Having a minimum balance of $400,000 allows for sufficient coverage in the event that multiple claims are made, ensuring that the fund can adequately reimburse consumers who have experienced financial loss due to real estate malpractice. This amount reflects a balance that is deemed necessary to maintain the integrity and operational effectiveness of the fund, ensuring consumers' trust in the real estate profession.

The other figures mentioned do not correspond with the established requirement, as the fund's minimum balance is specifically set to $400,000 to ensure its viability while balancing the financial responsibilities of the real estate community.