Virginia Code 54.1-2119: Revocation of license of regulant upon payment from fund.
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Upon payment by the Director to a claimant from the fund as provided in § 54.1-2118, the Board shall immediately revoke the license of the regulant whose improper or dishonest conduct, as defined in the act, resulted in payment from the fund. The regulant whose license was so revoked shall not be eligible to apply for a license as a real estate broker or real estate salesperson until he has repaid in full the amount paid from the fund on his account, plus interest at the judgment rate of interest from the date of payment from the fund.
Terms Used In Virginia Code 54.1-2119
- Act: means the Virginia Real Estate Transaction Recovery Act. See Virginia Code 54.1-2112
- 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
- Director: means the Director of the Department of Professional and Occupational Regulation. See Virginia Code 54.1-2112
- Fund: means the Virginia Real Estate Transaction Recovery Fund. See Virginia Code 54.1-2112
- 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. See Virginia Code 54.1-2112
- 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
- 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
1977, c. 69, § 54-765.8; 1984, c. 266; 1987, c. 555; 1988, c. 765.