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.
How is the real estate Recovery Fund funded?
The California Real Estate Recovery Fund was established in 1964. It is funded both from a portion of real estate license fees and also from fines collected by the Department of Real Estate (DRE). … If the account’s balance exceeds $3.5 million, any excess in fees collected are credited to a general real estate fund.
What is the maximum payment from 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.
Who is eligible to receive payment from the Recovery Fund?
Eligibility for the fund is established when a claimant pursuing recovery from a licensee in civil court proceedings has exhausted all avenues of collection from the judgment debtor pursuant to receiving a full judgment in a court of competent jurisdiction.
What happens if the real estate recovery fund falls below the required minimum balance of $500000?
4 of 9 – What happens if the Real Estate Recovery Fund falls below the required minimum balance of $500,000? A surcharge is collected from real estate licensees. The existing balance is invested to increase the funds. Nothing happens because the minimum required balance is not $500,000.
Who Cannot collect from the recovery fund?
The title insurance company is not entitled to recover from the Recovery Fund. Only an aggrieved person may recover. An aggrieved person is a client or member of the public who lost money when dealing with the licensee in the scope of the licensee’s authority.
Which could not obtain money from the real estate Recovery Fund?
An order for payment from the real estate recovery fund may not be issued unless the action to recover from the real estate recovery fund was commenced within one (1) year after the termination of all proceedings against the licensee for embezzlement of money or property, or unlawfully obtaining money or property by …
What is the maximum amount that will be paid out of the Florida real estate Recovery Fund per licensee?
The Commission will not pay more than $50,000 for a single transaction or more than $150,000 for multiple claims against a licensee.
How long will a real estate license be suspended if funds from the Florida real estate Recovery Fund are paid out against a license holder?
The maximum period for which the Florida Real Estate Commission may suspend a license is ten years. The spouse of a judgment debtor is qualified to make a claim from the Real Estate Recovery Fund.
What is the 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 amount that the commission will pay from the real estate Recovery Trust Account for claims against any one license holder until the account has been repaid in full by the license holder?
Regardless of the number of applicants, payments from the Real Estate Recovery Trust Account may not exceed $50,000 per transaction, with a maximum of $100,000 per license holder for multiple transactions.
Which of the following actions can the Commission not take?
Which of the following actions can the Commission NOT take? Regulate real estate training schools. … The person must hold a real estate license. The person must be over 25 years of age.