What is the real estate Recovery Fund 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 main purpose of the Recovery Trust Account?
reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees.
What is the maximum payment the recovery trust account can pay to an individual?
If the application is granted, the applicant will be paid an amount for his or her actual and direct (out of pocket) loss in a transaction, up to a statutory maximum of $50,000 per transaction, with a possible total aggregate maximum of $250,000 per licensee.
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 orders money to be paid from the 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 are the limits that can be paid out of Recovery account?
What are the payment limits for the recovery funds? 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.
What is the required minimum balance for the Indiana Real Estate Recovery Fund?
Why was the Indiana Real Estate Recovery Fund established? If the Real Estate Recovery Fund falls below the required minimum balance of $500,000, what happens?
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 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 the maximum amount that will be paid out of the Florida Real Estate Recovery Fund per licensee?
Maximum payout is $50,000 per transaction and $150,000 per licensee. Recovery Fund will only pay real damages, not punitive damages (pain and suffering money) and attorney fees or court costs. Recovery Fund money comes from fines and fees.
What is the maximum amount the recovery fund will reimburse?
A successful applicant to the Recovery Fund may be paid up to a statutory maximum of $50,000 per transaction, with a possible total aggregate maximum of $250,000 per licensee.
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.
What is the Transaction Recovery Fund?
The Virginia Real Estate Transaction Recovery Act provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker, or firm.