Section 20. Definitions

The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise. Unless otherwise defined in this section, all terms in this chapter shall have the meanings set forth in Chapter 27.3 (§ 55-525.16 et seq.) of Title 55 of the Code of Virginia.

"Attorney" means a person licensed as an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1 of the Code of Virginia and who is an active member of the Virginia State Bar in good standing under the Rules of the Virginia Supreme Court.

"Bar" means the Virginia State Bar.

"Board" means the Virginia Real Estate Board.

"Disciplinary board" means the Virginia State Bar Disciplinary Board.

"First dollar coverage" means an insurance policy that obligates the company issuing the policy to pay covered claims in their entirety, up to the policy limits, regardless of the presence of a deductible amount to which the company may be entitled as a reimbursement from the insured.

"SCC" means the Virginia State Corporation Commission.

"This chapter" means 15VAC5-80, Attorney Real Estate Settlement Agents Regulations.

Historical Notes

Derived from Volume 16, Issue 20, eff. May 24, 2000; amended, Virginia Register Volume 25, Issue 25, eff. July 31, 2009; Volume 32, Issue 17, eff. March 25, 2016.

Statutory Authority

§ 55-525.30 of the Code of Virginia.