What is the purpose of the real estate Recovery Fund quizlet?

What is the purpose of the recovery fund in real estate?

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 recovery fund used for quizlet?

The Real Estate Recovery Fund was established to reimburse those judged by a Florida court to have suffered significant monetary damage in a real estate transaction as a result of the acts of a real estate licensee. No punitive damages may be collected from the fund.

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What’s the purpose of the Illinois real estate Recovery Fund?

Illinois’ Real Estate Recovery Fund is designed to provide pay- ment to persons who have obtained valid but unsatisfied judgments against licensed real estate brokers.

What is one purpose of the Indiana real estate Recovery Fund quizlet?

What is one purpose of the Indiana Real Estate Recovery Fund? To cover claims against real estate practitioners for embezzlement of money that results in a cash loss to someone.

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.

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.

How are funds collected to pay into the recovery fund?

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).

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.

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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.

What is the maximum amount of money an aggrieved person can recover from the real estate Recovery Fund?

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.

What happens to you if you are involved in a case and Cannot pay the judgment amount and the consumer is awarded money from Pennsylvania’s real estate Recovery Fund?

What happens to you if you’re involved in a case and can’t pay the judgment amount, and the consumer is awarded money from the Guaranty Fund? Your license will be suspended and can’t be reinstated until you pay back the fund plus interest.

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.”