Question: Why was the real estate education, research and Recovery fund established?

the regulations concerning the Real Estate Education, Research, and Recovery Fund. The Commission established the Fund to compensate those customers who have suffered damages through the fault of a real estate licensee, and who cannot recover the damages through the normal legal means.

Why was the real estate Recovery fund established?

Hence, it was established by the legislature to make over funds to victims of fraud, misrepresentation and deceit committed by a real estate licensee, where the victims are otherwise unable to recover on a court judgment.

Which of the following is a purpose of the Kentucky real estate Education Research and Recovery fund?

The real estate education, research and recovery fund has several purposes, including: Paying outstanding court orders against licensees who have caused financial harm upon citizens through improper, fraudulent or dishonest conduct. Investment. Advancing education and research in the field of real estate.

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

What is the purpose of the Real Estate Recovery Fund? The answer is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law or committed other illegal acts related to a real estate transaction.

What is the stated purpose of the Texas real estate Recovery fund?

To receive monies collected by specified fees from real estate brokers and salesperson licensed by the state for the purpose of reimbursing aggrieved persons who suffer monetary damages by certain acts committed by licensed real estate broker, salesperson or by one of their unlicensed employees.

What is the real estate Education and Research fund?

The Real Estate General Fund is an account that holds all the money collected from license and exam fees, and is used for the operating expenses of the DRE. 1. 8% for the Real Estate Education and Research Fund 2. 12% for the Recovery Fund – regards the consumer victim of actions from real estate licensees.

How is the real estate Recovery fund funded quizlet?

The Real Estate Recovery fund is financed through money received from administrative fines and surcharges on new and renewing licenses.

Which of the following is the Kentucky Real Estate Commission empowered to do?

Which of the following is the Kentucky Real Estate Commission empowered to do? Investigate complaints against licensees and irregularities of the law.

Which of the following is a power of the Kentucky Real Estate Commission?

The statutes give the commission broad powers in regulating the conduct of Kentucky real estate licensees. That power includes everything from issuing and revoking licenses to the supervision of brokers handling client funds.

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What must a person seeking compensation from the recovery fund do before applying?

Before applying to the Recovery Fund, the victim must have won a judgment in court, through arbitration, or in a bankruptcy proceeding.

What is the purpose of the Florida real estate Recovery Fund 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.

How is the Florida real estate Recovery Fund funded?

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.

Is a sellers disclosure required in PA?

In Pennsylvania, home sellers are required by law to disclose the condition of their home.

What is the main purpose of the Recovery Trust Account?

These TREC recovery funds are “funds of last resort.” They have been created to reimburse consumers for out-of-pocket damages caused by license holders when the license holders cannot pay for those damages.

What is the overall purpose of the Tennessee Broker License Act?

establishing standards of practice for licensees.

What is the Recovery Trust Account?

reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees.

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