What does the real estate recovery fund pay for?

Estate Education, Research, and Recovery Fund (the Fund) is to compensate members of the public who have been damaged by a real estate broker’s or real estate sales agent’s (the Agent) fraud, misrepresentation, or deceit in a real estate transaction, if the Agent can- not pay.

What is the real estate Recovery Fund used for?

The real estate recovery fund means funds used for the reimbursement of aggrieved persons who suffer monetary damages due to acts committed by licensed real estate brokers or salesmen.

What is the maximum reimbursement that can be paid from the Florida real estate Recovery Fund?

The aim of the Recovery Fund is to provide “for the reimbursement of persons who suffer monetary losses because of the unscrupulous acts of licensed brokers or salespersons.” 3 The Recovery Fund can reimburse damaged homebuyers up to $50,000, or an amount equal to an unsatisfied portion of a claimant’s judgment against …

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What is the maximum total reimbursement that could be provided by the Arizona real estate Recovery Fund for Gordon’s fraudulence?

The fund’s liability shall not exceed: 1. Thirty thousand dollars for each transaction, regardless of the number of persons aggrieved or the number of licensees or parcels of real estate involved.

Who orders money from recovery fund?

What will the listing agent receive if the agent is scheduled to get a 65% share from his broker? Who orders money to be paid from the Recovery Fund? A court.

What NRS 119?

NRS 119.184 Sales: Approval of advertising and offering. 1. A subdivision consisting of land situated in the State of Nevada or another state must not be advertised or offered for sale within the State of Nevada until the advertising and offering is approved by the Division.

How does the Florida real estate recovery fund work?

The Real Estate Recovery Fund is an account created by the Florida Real Estate Commission (“FREC”) to reimburse any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate …

When May Brokers make a claim against the Florida Real Estate Recovery Fund?

Before filing a claim, someone must have a case adjudged by a court of law. The Commission will not pay more than $50,000 for a single transaction or more than $150,000 for multiple claims against a licensee. Licensees can also file a claim if they are financially harmed by the actions of another licensee.

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What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single judgment quizlet?

Reimbursement from the recovery fund for a single judgment is limited to a maximum of $50,000 or the unsatisfied portion of the judgment, whichever is less. Only actual or compensatory damages awarded by a court can be reimbursed from the recovery fund. Punitive damages cannot be paid from the fund.

What is the maximum amount the recovery fund?

Payments from the Real Estate Inspection Recovery Fund may not exceed $12,500 per transaction, with a maximum of $30,000 per license holder for multiple transactions.

What is a real estate recovery account?

The BRE states it this way: “The Recovery Account is a fund of last resort for a member of the public who has obtained a final judgment against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the normal post-judgment proceedings.”

What does Dre mean in real estate?

The regulation of licenses is an important function of the California Department of Real Estate. The DRE was established in 1917 with the formation of the first-ever Real Estate Law in the country.

How is the real estate Recovery Fund funded quizlet?

Terms in this set (14) The Real Estate Recovery fund is financed through money received from administrative fines and surcharges on new and renewing licenses.

What is the real estate general fund?

The Real Estate General Fund is an account that holds ALL the money collected from license and exam fees, and is used for the operating expenses of the BRE. … The licensee must have been properly licensed at the time the cause of action arose, and must have been performing acts requiring a real estate license.

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What action may the Tennessee real estate Commission take against a person?

What action may the Tennessee Real Estate Commission take against a person who engages in regulated real estate activities without a license? Impose a fine of $1,000 per violation.