Virginia Code 54.1-2112: Definitions.
As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 54.1-2112
- Act: means the Virginia Real Estate Transaction Recovery Act. See Virginia Code 54.1-2112
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Board: means the Real Estate Board. See Virginia Code 54.1-2112
- Claimant: means any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act. See Virginia Code 54.1-2112
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means the Director of the Department of Professional and Occupational Regulation. See Virginia Code 54.1-2112
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Fund: means the Virginia Real Estate Transaction Recovery Fund. See Virginia Code 54.1-2112
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Judgment: includes an order of a United States Bankruptcy Court (i) declaring a claim against a regulant who is in bankruptcy to be a "Debt Nondischargeable in Bankruptcy" (ii) extinguishing a claim against a regulant who is in bankruptcy and for which claim no distribution was made from the regulant's bankruptcy estate but excluding any such claim disallowed by order of the bankruptcy court, or (iii) extinguishing a claim against a regulant who is in bankruptcy and for which claim only partial distribution was made from the regulant's bankruptcy estate. See Virginia Code 54.1-2112
- Notary: means notary public. See Virginia Code 1-226
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Real estate broker: means any individual or business entity, including a partnership, association, corporation, or limited liability company, who, for compensation or valuable consideration, (i) sells or offers for sale, buys or offers to buy, or negotiates the purchase or sale or exchange of real estate, including units or interest in condominiums, cooperative interest as defined in § Virginia Code 54.1-2100
- Real estate salesperson: means any individual or business entity who is employed either directly or indirectly by, or affiliated as an independent contractor with, a real estate broker to perform the duties of a real estate broker for compensation or valuable consideration. See Virginia Code 54.1-2100
- Regulant: means a person, partnership, association, corporation, agency, firm or any other entity licensed by the Real Estate Board as a real estate broker or real estate salesperson. See Virginia Code 54.1-2112
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
- Verified claim: means a completed application, on a form designed by the Board, the truthfulness of which has been attested to by the claimant before a notary public, along with all required supporting documentation, that has been properly received by the Department in accordance with this chapter. See Virginia Code 54.1-2112
“Act” means the Virginia Real Estate Transaction Recovery Act.
“Balance of the fund” means cash, securities that are legal investments for fiduciaries under the provisions of subdivisions A 1, 2, and 4 of § 2.2-4519, and repurchase agreements secured by obligations of the United States government or any agency thereof, and shall not mean accounts receivable, judgments, notes, accrued interest, or other obligations payable to the fund.
“Board” means the Real Estate Board.
“Claimant” means any person with an unsatisfied judgment against a regulant, who has filed a verified claim under this act.
“Director” means the Director of the Department of Professional and Occupational Regulation.
“Fund” means the Virginia Real Estate Transaction Recovery Fund.
“Improper or dishonest conduct” includes only the wrongful and fraudulent taking or conversion of money, property or other things of value or material misrepresentation or deceit.
“Judgment” includes an order of a United States Bankruptcy Court (i) declaring a claim against a regulant who is in bankruptcy to be a “Debt Nondischargeable in Bankruptcy,” (ii) extinguishing a claim against a regulant who is in bankruptcy and for which claim no distribution was made from the regulant’s bankruptcy estate but excluding any such claim disallowed by order of the bankruptcy court, or (iii) extinguishing a claim against a regulant who is in bankruptcy and for which claim only partial distribution was made from the regulant’s bankruptcy estate. An order of dismissal shall not be considered a judgment.
“Regulant” means a person, partnership, association, corporation, agency, firm or any other entity licensed by the Real Estate Board as a real estate broker or real estate salesperson.
“Verified claim” means a completed application, on a form designed by the Board, the truthfulness of which has been attested to by the claimant before a notary public, along with all required supporting documentation, that has been properly received by the Department in accordance with this chapter.
1977, c. 69, § 54-765.2; 1984, cc. 266, 283; 1985, c. 448; 1987, c. 555; 1988, c. 765; 1992, c. 348; 1993, c. 499; 2015, c. 409.