The Director shall, subject to the provisions of § 54.1-2116, pay to the claimant from the fund such amount as shall be directed by the Board upon the execution and delivery to the Director by such claimant of an assignment to the Board of the claimant’s rights against the regulant to the extent that such rights were satisfied from the fund.

Terms Used In Virginia Code 54.1-2118

  • 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
  • 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, § 54-765.7; 1987, c. 555; 1988, c. 765.

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