What are the limits of recovery from the real estate recovery trust fund?

What is the maximum amount that the recovery fund 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 is the maximum reimbursement that can be paid from the Florida 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 is the main purpose of the Recovery Trust Account?

The law requires that these administrative-penalty funds be deposited into the Real Estate Recovery Trust Account, which disperses money to consumers owed damages due to a license holder’s conduct and subsequent inability to pay.

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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.

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.

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.

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?

Suspension of an individual’s license is a temporary penalty. 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.

How does the Florida real estate recovery fund work?

The RF is funded by a fee of $3.50 added to the license fee of new and renewal broker’s licenses, as well as a fee of $1.50 added to the license fee of new and renewal sales associate licenses. In addition, all moneys collected from fines imposed and collected by FREC are transferred to the RF.

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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 Recovery Trust Account?

The California Department of Real Estate administers a victim’s fund known as the Real Estate Consumer Recovery Account Fund (“Consumer Recovery Account”). The Consumer Recovery Account is funded from a portion of the fees paid by real estate licensees.

What happens if more than 3.5 million is in the trust fund at the end of the year?

What happens if more than $3.5 million is in the trust fund at the end of the year? The excess money is transferred to the general fund of the state. … until the amount paid from the real estate recovery trust account on the license holder’s account has been fully repaid, with interest, by the license holder.

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.