54.1-2112 - Definitions. - Virginia Statutes

§ 54.1-2112. Definitions.

As used in this article, unless the context requires a different meaning:

"Act" means the Virginia Real Estate Transaction Recovery Act.

"Balance of the fund" means cash, securities that are legal investments forfiduciaries under the provisions of subdivisions (1), (2), and (4) of §26-40, and repurchase agreements secured by obligations of the United Statesgovernment 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 aregulant, who has filed a verified claim under this act.

"Director" means the Director of the Department of Professional andOccupational Regulation.

"Fund" means the Virginia Real Estate Transaction Recovery Fund.

"Improper or dishonest conduct" includes only the wrongful and fraudulenttaking or conversion of money, property or other things of value or materialmisrepresentation or deceit.

"Regulant" means a person, partnership, association, corporation, agency,firm or any other entity licensed by the Real Estate Board as a real estatebroker or real estate salesperson.

(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.)