{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2116.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2116.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2116.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2116.html"}],"law_id":59654,"edition_id":1,"section_id":59654,"structure_id":14466,"section_number":"54.1-2116","catch_line":"Limitations upon recovery from fund; certain actions not a bar to recovery","history":"1977, c. 69, \u00a7 54-765.5; 1987, c. 555; 1988, c. 765; 2015, cc. 409, 710.","full_text":"A\n\nThe aggregate of claims by claimants against the fund based upon unpaid judgments arising out of the improper or dishonest conduct of one regulant in connection with a single transaction involving the sale, lease, or management of real property, is limited to $50,000. If a claim has been made against the fund, and the Board has reason to believe that there may be additional claims against the fund arising out of the same transaction, the Board may withhold any payment(s) from the fund for a period of not more than one year. After such one-year period, if the aggregate of claims arising out of the same transaction exceeds $50,000, such $50,000 shall be prorated by the Board among the claimants and paid from the fund in proportion to the amounts of their judgments against the regulant remaining unpaid.B\n\nThe maximum claim of one claimant against the fund based upon an unpaid judgment arising out of the improper or dishonest conduct of one regulant in connection with a single transaction involving the sale, lease, or management of real property, shall be limited to $20,000, regardless of the number of claimants and regardless of the amount of the unpaid judgment of the claimant.C\n\nThe aggregate of claims against the fund based upon unpaid judgments arising out of the improper or dishonest conduct of one regulant in connection with more than a single transaction involving the sale, lease, or management of real property is limited to $100,000 during any biennial license period, the biennial periods expiring on June 30 of each even-numbered year. If a claim has been made against the fund, and the Board has reason to believe that there may be additional claims against the fund from other transactions involving the same regulant, the Board may withhold any payment(s) from the fund involving such regulant for a period of not more than one year. After the one-year period, if the aggregate of claims against the regulant exceeds $100,000, such $100,000 shall be prorated by the Board among the claimants and paid from the fund in proportion to the amounts of their judgments against the regulant remaining unpaid.D\n\nExcluded from the amount of any unpaid judgment upon which a claim against the fund is based shall be any sums included in the judgment which represent interest, or punitive damages. The claim against the fund may include court costs and attorney fees.E\n\nIf, at any time, the amount of the fund is insufficient to satisfy any claims, claim, or portion thereof filed with the Board and authorized by the act, the Board shall, when the amount of the fund is sufficient to satisfy some or all of such claims, claim, or portion thereof, pay the claimants in the order that such claims were filed with the Board.F\n\nFailure of a claimant to comply with the provisions of subdivisions B 1 and 2 of § 54.1-2114 and the provisions of § 54.1-2117 shall not be a bar to recovery under this act if the claimant is otherwise entitled to such recovery.","order_by":null,"text":{"0":{"id":218474,"text":"The aggregate of claims by claimants against the fund based upon unpaid judgments arising out of the improper or dishonest conduct of one regulant in connection with a single transaction involving the sale, lease, or management of real property, is limited to $50,000. If a claim has been made against the fund, and the Board has reason to believe that there may be additional claims against the fund arising out of the same transaction, the Board may withhold any payment(s) from the fund for a period of not more than one year. After such one-year period, if the aggregate of claims arising out of the same transaction exceeds $50,000, such $50,000 shall be prorated by the Board among the claimants and paid from the fund in proportion to the amounts of their judgments against the regulant remaining unpaid.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":218475,"text":"The maximum claim of one claimant against the fund based upon an unpaid judgment arising out of the improper or dishonest conduct of one regulant in connection with a single transaction involving the sale, lease, or management of real property, shall be limited to $20,000, regardless of the number of claimants and regardless of the amount of the unpaid judgment of the claimant.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":218476,"text":"The aggregate of claims against the fund based upon unpaid judgments arising out of the improper or dishonest conduct of one regulant in connection with more than a single transaction involving the sale, lease, or management of real property is limited to $100,000 during any biennial license period, the biennial periods expiring on June 30 of each even-numbered year. If a claim has been made against the fund, and the Board has reason to believe that there may be additional claims against the fund from other transactions involving the same regulant, the Board may withhold any payment(s) from the fund involving such regulant for a period of not more than one year. After the one-year period, if the aggregate of claims against the regulant exceeds $100,000, such $100,000 shall be prorated by the Board among the claimants and paid from the fund in proportion to the amounts of their judgments against the regulant remaining unpaid.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":218477,"text":"Excluded from the amount of any unpaid judgment upon which a claim against the fund is based shall be any sums included in the judgment which represent interest, or punitive damages. The claim against the fund may include court costs and attorney fees.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":218478,"text":"If, at any time, the amount of the fund is insufficient to satisfy any claims, claim, or portion thereof filed with the Board and authorized by the act, the Board shall, when the amount of the fund is sufficient to satisfy some or all of such claims, claim, or portion thereof, pay the claimants in the order that such claims were filed with the Board.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":218479,"text":"Failure of a claimant to comply with the provisions of subdivisions B 1 and 2 of § 54.1-2114 and the provisions of § 54.1-2117 shall not be a bar to recovery under this act if the claimant is otherwise entitled to such recovery.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14466,"edition_id":1,"name":"Virginia Real Estate Transaction Recovery Act","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":12756,"metadata":{},"date_created":"2026-06-26 03:48:14","date_modified":"2026-06-26 03:48:14","permalink":{"id":240015,"object_type":"structure","relational_id":14466,"identifier":"2","token":"54.1\/II\/21\/2","url":"\/54.1\/II\/21\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12756,"edition_id":1,"name":"Real Estate Brokers, Sales Persons and Rental Location Agents","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239911,"object_type":"structure","relational_id":12756,"identifier":"21","token":"54.1\/II\/21","url":"\/54.1\/II\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60222,"structure_id":14466,"section_number":"54.1-2112","catch_line":"Definitions","url":"\/54.1-2112\/","token":"54.1\/II\/21\/2\/54.1-2112","metadata":false},{"id":65698,"structure_id":14466,"section_number":"54.1-2113","catch_line":"Establishment and maintenance of fund, duty of Director, assessments of regulants","url":"\/54.1-2113\/","token":"54.1\/II\/21\/2\/54.1-2113","metadata":false},{"id":61533,"structure_id":14466,"section_number":"54.1-2114","catch_line":"Recovery from fund generally","url":"\/54.1-2114\/","token":"54.1\/II\/21\/2\/54.1-2114","metadata":false},{"id":69136,"structure_id":14466,"section_number":"54.1-2115","catch_line":"Investigations","url":"\/54.1-2115\/","token":"54.1\/II\/21\/2\/54.1-2115","metadata":false},{"id":59654,"structure_id":14466,"section_number":"54.1-2116","catch_line":"Limitations upon recovery from fund; certain actions not a bar to recovery","url":"\/54.1-2116\/","token":"54.1\/II\/21\/2\/54.1-2116","metadata":false},{"id":62973,"structure_id":14466,"section_number":"54.1-2117","catch_line":"Participation by Board in proceedings","url":"\/54.1-2117\/","token":"54.1\/II\/21\/2\/54.1-2117","metadata":false},{"id":55845,"structure_id":14466,"section_number":"54.1-2118","catch_line":"Payment of claim; assignment of claimant's rights to Board","url":"\/54.1-2118\/","token":"54.1\/II\/21\/2\/54.1-2118","metadata":false},{"id":72764,"structure_id":14466,"section_number":"54.1-2119","catch_line":"Revocation of license of regulant upon payment from fund","url":"\/54.1-2119\/","token":"54.1\/II\/21\/2\/54.1-2119","metadata":false},{"id":83015,"structure_id":14466,"section_number":"54.1-2120","catch_line":"No waiver by Board of disciplinary action against regulant","url":"\/54.1-2120\/","token":"54.1\/II\/21\/2\/54.1-2120","metadata":false}],"previous_section":{"id":69136,"structure_id":14466,"section_number":"54.1-2115","catch_line":"Investigations","url":"\/54.1-2115\/","token":"54.1\/II\/21\/2\/54.1-2115","metadata":false},"next_section":{"id":62973,"structure_id":14466,"section_number":"54.1-2117","catch_line":"Participation by Board in proceedings","url":"\/54.1-2117\/","token":"54.1\/II\/21\/2\/54.1-2117","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2116\/","history_text":"

This law was first created in 1977. The record of its establishment is cataloged in chapter 69 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1977 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1987, chapter 555; in 1988, chapter 765; in 2015, chapters 409<\/a> and 710<\/a>.<\/p>","references":[{"id":61533,"section_number":"54.1-2114","catch_line":"Recovery from fund generally","order_by":null,"url":"\/54.1-2114\/"},{"id":55845,"section_number":"54.1-2118","catch_line":"Payment of claim; assignment of claimant's rights to Board","order_by":null,"url":"\/54.1-2118\/"}],"refers_to":[{"id":61533,"section_number":"54.1-2114","catch_line":"Recovery from fund generally","order_by":null,"url":"\/54.1-2114\/"},{"id":62973,"section_number":"54.1-2117","catch_line":"Participation by Board in proceedings","order_by":null,"url":"\/54.1-2117\/"}],"permalink":{"id":240033,"object_type":"law","relational_id":59654,"identifier":"54.1-2116","token":"54.1\/II\/21\/2\/54.1-2116","url":"\/54.1-2116\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2116\/","token":"54.1\/II\/21\/2\/54.1-2116","dublin_core":{"Title":"Limitations upon recovery from fund; certain actions not a bar to recovery","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2116","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The aggregate of claims by claimants<\/span> against the fund<\/span> based upon unpaid judgments<\/span> arising out of the improper or dishonest conduct<\/span> of one regulant<\/span> in connection with a single transaction involving the sale, lease, or management of real property, is limited to $50,000. If a claim has been made against the fund<\/span>, and the Board<\/span> has reason to believe that there may be additional claims against the fund<\/span> arising out of the same transaction, the Board<\/span> may withhold any payment(s) from the fund<\/span> for a period of not more than one year. After such one-year period, if the aggregate of claims arising out of the same transaction exceeds $50,000, such $50,000 shall be prorated by the Board<\/span> among the claimants<\/span> and paid from the fund<\/span> in proportion to the amounts of their judgments<\/span> against the regulant<\/span> remaining unpaid. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The maximum claim of one claimant<\/span> against the fund<\/span> based upon an unpaid judgment<\/span> arising out of the improper or dishonest conduct<\/span> of one regulant<\/span> in connection with a single transaction involving the sale, lease, or management of real property, shall be limited to $20,000, regardless of the number of claimants<\/span> and regardless of the amount of the unpaid judgment<\/span> of the claimant<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The aggregate of claims against the fund<\/span> based upon unpaid judgments<\/span> arising out of the improper or dishonest conduct<\/span> of one regulant<\/span> in connection with more than a single transaction involving the sale, lease, or management of real property is limited to $100,000 during any biennial license period, the biennial periods expiring on June 30 of each even-numbered year. If a claim has been made against the fund<\/span>, and the Board<\/span> has reason to believe that there may be additional claims against the fund<\/span> from other transactions involving the same regulant<\/span>, the Board<\/span> may withhold any payment(s) from the fund<\/span> involving such regulant<\/span> for a period of not more than one year. After the one-year period, if the aggregate of claims against the regulant<\/span> exceeds $100,000, such $100,000 shall be prorated by the Board<\/span> among the claimants<\/span> and paid from the fund<\/span> in proportion to the amounts of their judgments<\/span> against the regulant<\/span> remaining unpaid. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Excluded from the amount of any unpaid judgment<\/span> upon which a claim against the fund<\/span> is based shall be any sums included in the judgment<\/span> which represent interest, or punitive damages<\/span>. The claim against the fund<\/span> may include court<\/span> costs and attorney fees. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If, at any time, the amount of the fund<\/span> is insufficient to satisfy any claims, claim, or portion thereof filed with the Board<\/span> and authorized by the act<\/span>, the Board<\/span> shall, when the amount of the fund<\/span> is sufficient to satisfy some or all of such claims, claim, or portion thereof, pay the claimants<\/span> in the order<\/span> that such claims were filed with the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Failure of a claimant<\/span> to comply with the provisions of subdivisions B 1 and 2 of § 54.1-2114<\/a> and the provisions of § 54.1-2117<\/a> shall not be a bar to recovery under this act<\/span> if the claimant<\/span> is otherwise entitled to such recovery. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIMITATIONS UPON RECOVERY FROM FUND; CERTAIN ACTIONS NOT A BAR TO RECOVERY (\u00a7\n54.1-2116)\n\nA. The aggregate of claims by claimants against the fund based upon unpaid\njudgments arising out of the improper or dishonest conduct of one regulant in\nconnection with a single transaction involving the sale, lease, or management of\nreal property, is limited to $50,000. If a claim has been made against the fund,\nand the Board has reason to believe that there may be additional claims against\nthe fund arising out of the same transaction, the Board may withhold any\npayment(s) from the fund for a period of not more than one year. After such\none-year period, if the aggregate of claims arising out of the same transaction\nexceeds $50,000, such $50,000 shall be prorated by the Board among the claimants\nand paid from the fund in proportion to the amounts of their judgments against\nthe regulant remaining unpaid.\n\nB. The maximum claim of one claimant against the fund based upon an unpaid\njudgment arising out of the improper or dishonest conduct of one regulant in\nconnection with a single transaction involving the sale, lease, or management of\nreal property, shall be limited to $20,000, regardless of the number of\nclaimants and regardless of the amount of the unpaid judgment of the claimant.\n\nC. The aggregate of claims against the fund based upon unpaid judgments arising\nout of the improper or dishonest conduct of one regulant in connection with more\nthan a single transaction involving the sale, lease, or management of real\nproperty is limited to $100,000 during any biennial license period, the biennial\nperiods expiring on June 30 of each even-numbered year. If a claim has been made\nagainst the fund, and the Board has reason to believe that there may be\nadditional claims against the fund from other transactions involving the same\nregulant, the Board may withhold any payment(s) from the fund involving such\nregulant for a period of not more than one year. After the one-year period, if\nthe aggregate of claims against the regulant exceeds $100,000, such $100,000\nshall be prorated by the Board among the claimants and paid from the fund in\nproportion to the amounts of their judgments against the regulant remaining\nunpaid.\n\nD. Excluded from the amount of any unpaid judgment upon which a claim against\nthe fund is based shall be any sums included in the judgment which represent\ninterest, or punitive damages. The claim against the fund may include court\ncosts and attorney fees.\n\nE. If, at any time, the amount of the fund is insufficient to satisfy any\nclaims, claim, or portion thereof filed with the Board and authorized by the\nact, the Board shall, when the amount of the fund is sufficient to satisfy some\nor all of such claims, claim, or portion thereof, pay the claimants in the order\nthat such claims were filed with the Board.\n\nF. Failure of a claimant to comply with the provisions of subdivisions B 1 and 2\nof § 54.1-2114 and the provisions of § 54.1-2117 shall not be a bar to\nrecovery under this act if the claimant is otherwise entitled to such recovery.\n\nHISTORY: 1977, c. 69, \u00a7 54-765.5; 1987, c. 555; 1988, c. 765; 2015, cc. 409,\n710.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}