No licensee or any agent of the licensee shall divert or misuse any funds held in escrow or otherwise held by him for another. Where escrow funds or other funds are held by the licensee or his agents and the Real Estate Board or its agents have reason to believe that the licensee is not able to adequately protect the interests of persons involved, or his conduct threatens their interests, the Board shall file a petition with any court of record having equity jurisdiction over the licensee or any of the funds held by him stating the facts upon which it relies. The court may temporarily enjoin further activity by the licensee and take such further action as shall be necessary to conserve, protect and disburse the funds involved, including the appointment of a receiver. If a receiver is appointed his expenses and a reasonable fee as determined by the court shall be paid by the licensee. If the court finds him unable to make such payment, the Board shall determine whether the expenses and fees shall be paid from the Virginia Real Estate Transaction Recovery Fund or from funds received by the Board. Such determination shall be made within thirty days of the Board's receipt of the court-approved receiver invoices. If the court finds that the licensee was without fault and that he is found not to have violated any provisions of this chapter or of the regulations of the Board, then the receiver's expenses and fees shall be paid by the Board. Such payments shall be paid from funds received by the Board.
1973, c. 487, § 54-764.5; 1988, c. 765; 1997, c. 82; 1998, c. 29.
Structure Code of Virginia
Title 54.1 - Professions and Occupations
Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents
§ 54.1-2101. Real estate salesperson defined
§ 54.1-2101.1. Preparation of real estate contracts by real estate licensees; translation
§ 54.1-2103. Exemptions from chapter
§ 54.1-2104. Real Estate Board; membership; chairman; seal
§ 54.1-2105.01. Educational requirements for all salespersons within one year of licensure
§ 54.1-2105.02. Regulation of real estate education providers and courses
§ 54.1-2105.03. Continuing education; relicensure of brokers and salespersons
§ 54.1-2105.04. Education requirements; reactivation of licenses; waiver
§ 54.1-2105.1. (Effective until January 1, 2023) Other powers and duties of the Real Estate Board
§ 54.1-2105.1. (Effective January 1, 2023) Other powers and duties of the Real Estate Board
§ 54.1-2105.2. Cease and desist orders for unlicensed activity; civil penalty
§ 54.1-2106.1. Licenses required
§ 54.1-2106.2. Certification of audit on renewal of firm or sole proprietorship license
§ 54.1-2107. Certain action to constitute real estate broker or salesperson
§ 54.1-2108. Protection of escrow funds, etc., held by broker
§ 54.1-2109. (Effective until January 1, 2023) Death or disability of a real estate broker
§ 54.1-2109. (Effective January 1, 2023) Death or disability of a real estate broker
§ 54.1-2110. Resident broker to maintain place of business in Virginia
§ 54.1-2110.1. Duties of supervising broker
§ 54.1-2111. Consent to suits and service of process by nonresidents; manner of service
§ 54.1-2111.1. Voluntary compliance program; real estate brokers
§ 54.1-2113. Establishment and maintenance of fund, duty of Director, assessments of regulants
§ 54.1-2114. Recovery from fund generally
§ 54.1-2116. Limitations upon recovery from fund; certain actions not a bar to recovery
§ 54.1-2117. Participation by Board in proceedings
§ 54.1-2118. Payment of claim; assignment of claimant's rights to Board
§ 54.1-2119. Revocation of license of regulant upon payment from fund
§ 54.1-2120. No waiver by Board of disciplinary action against regulant
§ 54.1-2131. Licensees engaged by sellers
§ 54.1-2132. Licensees engaged by buyers
§ 54.1-2133. Licensees engaged by landlords to lease property
§ 54.1-2134. Licensees engaged by tenants
§ 54.1-2135. Licensees engaged to manage real estate
§ 54.1-2136. Preconditions to brokerage relationship
§ 54.1-2137. Commencement and termination of brokerage relationships
§ 54.1-2138. Disclosure of brokerage relationship in residential real estate transactions
§ 54.1-2138.2. Duty to disclose ownership interest in specific real property
§ 54.1-2140. Compensation shall not imply brokerage relationship
§ 54.1-2141. Brokerage relationship not created by using common source information company
§ 54.1-2142. Liability; knowledge not to be imputed
§ 54.1-2142.1. Liability for false information
§ 54.1-2143. Real estate board regulations to be consistent
§ 54.1-2144. Common law abrogated