What is the statute of limitations on actions that may result in a collection from the real estate Recovery Fund?

What is the maximum amount that any claimant may receive from the Recovery fund?

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

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.

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What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single judgment?

Recovering Funds

The Commission will not pay more than $50,000 for a judgment involving a single transaction. Also, the Commission will not pay any legal fees. If Donna has judgments against her from more than one transaction, the maximum amount that the Commission would pay for the claims is $150,000.

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.

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.

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Who of the following do not require a real estate license?

A real estate investor may, or may not need to have a real estate license. If an investor is buying and selling their own properties, they don’t need a real estate license. Anyone can buy and sell their own property without representation, and without a license.

What is a recovery account in real estate?

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.”

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.

What is the maximum reimbursement that can be paid from the Florida Real Estate Recovery Fund if multiple judgments are awarded against a licensee?

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.

Which activity would require a real estate license?

Among them are: Negotiating for the listing, sale, purchase, exchange, rent, lease or option for. any real estate; Acting as referral agent; or.