Identification of penalties should reference DPOR's Real Estate Transaction Recovery Fund (http://www.dpor.virginia.gov/Boards/Real_Estate_Recovery_Fund).
DPOR correlations: 18VAC135-20-400. 22 (Regulatory statutes); 18VAC135-20-400. 25 (Real Estate Board regulations)
Process/Skill Questions:
- Can a real estate agent contest the findings of the board regarding the recovery fund? Explain.
- Is the agent required to abandon the commission received during the case in question? Explain.
- What is the impact of penalties upon a real estate agent's career in the short term? In the long term?
- What should agents do to avoid these conflicts of interest?
- What is Errors and Omissions insurance, and why is it so important?