Managed by the Indiana Real Estate Commission, the Indiana Real Estate Recovery Fund was established to protect consumers and clients from cash losses due to unlawful practices by real estate licensees.
What is the purpose of the real estate Recovery Trust Account?
reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees.
What is the purpose of the Indiana real estate Investigative Fund quizlet?
The fund was established to protect the public by covering the expenses of investigating and taking enforcement action against real estate and appraisal fraud.
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 purpose of the real estate Recovery Fund quizlet?
What is the purpose of the Real Estate Recovery Fund? The answer is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law or committed other illegal acts related to a real estate transaction.
What is a recovery fund?
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. Provided such act must be performed by a broker or salesman.
What is the Indiana real estate Recovery Fund per licensee lifetime maximum?
The amount that may be paid from the real estate recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.
How does the Indiana real estate commission protect consumers quizlet?
List five ways the Real Estate Commission protects consumers. Enforces rules and punishes offenders. Establishes and enforces requirements for licenses. Reviews records of all licensees.
How does the Indiana real estate commission protect consumers?
The Indiana Real Estate Commission’s main objective is to protect consumers from being taken advantage of by people in the real estate business. … License law, rules, and regulations are administered and enforced by the commission through the licensing requirements of real estate agents and real estate appraisers.
What is the primary mission of Frec?
What is the primary mission of FREC? To protect the public.
How much money can a licensee receive from the Recovery Fund quizlet?
The answer is $25,000. The commission shall pay upon request from the Real Estate Recovery Fund the amount specified, provided the amount does not exceed $25,000, for any one violation or continuing series of violations, regardless of the number of licensees who participated in the violation.
What is the holder of a life estate called?
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person’s life. … The owner of a life estate is called a “life tenant”.
What is the purpose of the Florida real estate recovery fund?
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 …
What happens if the real estate recovery fund falls below the required minimum balance of $100000?
There are no excess funds at that dollar amount. What happens if the Real Estate Recovery Fund falls below the required minimum balance of $100,000? Nothing happens because the minimum required balance is not $100,000.
What is a loan for which the lenders only remedy in case of default is to repossess the property being financed?
Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default.