PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam success!

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What is the limit for multiple parties involved in multiple transactions concerning TRF payments?

$50,000
$75,000
$100,000
$150,000

The correct answer is: $100,000

The limit for multiple parties involved in multiple transactions concerning TRF (Transaction Recovery Fund) payments is set at $100,000. This amount represents the maximum cap available for recovery for individuals who have suffered financial losses due to the unlawful acts of real estate licensees. Understanding the significance of this limit is essential for real estate professionals and consumers alike. It ensures that there is a safeguard in place for consumers, providing them with a form of financial recourse when dealing with fraudulent or negligent actions by real estate agents. The $100,000 cap is designed to balance the need for consumer protection while also maintaining the financial integrity of the Transaction Recovery Fund. It's also helpful to be aware of the broader implications of this limit. If various parties are involved in separate transactions involving the same real estate licensee, they can claim up to the limit, but the total payouts from the fund should not exceed this established ceiling per transaction. Therefore, this limit plays a crucial role in managing the fund's sustainability while protecting consumer interests effectively.