PSI Virginia Real Estate Practice Exam

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Prepare for the PSI Virginia Real Estate Exam with flashcards and multiple choice questions, each featuring hints and explanations. Get ready to ace your exam!

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What is the maximum payment for single parties across multiple transactions from the TRF?

$10,000
$20,000
$30,000
$40,000

The correct answer is: $20,000

The maximum payment for single parties across multiple transactions from the TRF, or the Virginia Real Estate Transaction Recovery Fund, is $20,000. This fund is designed to protect consumers by providing them with a financial remedy in the event of a wrongful act by a real estate licensee. The limit of $20,000 applies to a single licensee over all transactions, ensuring that consumers have a safety net while engaging in real estate transactions. This amount is significant as it reflects an effort to balance consumer protection with the sustainability of the fund, making it a valuable resource when issues arise in real estate dealings. Understanding this aspect of the TRF is crucial for real estate professionals, as it underscores their responsibility and the importance of ethical conduct in their transactions.