By a post-judgement order of the circuit court of the county where the violation occurred in a proceeding described in Section 20-90 of the Act, the aggrieved person may recover an amount of not more than $50,000 from the Recovery Fund for damages sustained by any act, representation, transaction, or conduct described …
What is the maximum amount the recovery fund?
State law limits a single Recovery Fund claim to $20,000. Multiple claims involving the same real estate licensee are limited to $100,000 per biennial license period. If multiple claims involving one licensee exceed $100,000, the claim amounts must be prorated.
What are the limits of recovery from the real estate recovery trust fund?
If the account’s balance exceeds $3.5 million, any excess in fees collected are credited to a general real estate 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 is the maximum amount that a person can receive from the Arkansas real estate Recovery fund?
The maximum compensation that will be paid from the Arkansas Real Estate Recovery Fund under such circumstances is $50,000.
What is the maximum amount that will be paid out of the Florida real estate recovery fund for a transaction?
A maximum payout of $50,000 per transaction is allowed from the Florida Real Estate Recovery fund, regardless of the number of consumers or licensees involved. Randolph, a licensee, has received a complaint against him.
What is the maximum payment a person may receive from the recovery fund for claims arising out of a single transaction in Texas?
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.
What is real estate Recovery Fund?
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. Provided such act must be performed by a broker or salesman.
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 is the minimum amount of funds that must be maintained in the recovery fund?
The fund is maintained at a minimum level of four hundred thousand dollars.
Who benefits from the Recovery Trust Account?
reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees. You just studied 12 terms!
Who funds the Arkansas real estate Recovery Fund?
Arkansas’s Real Estate Recovery Fund is administered by the Arkansas Real Estate Commission. The fund’s primary purpose is repaying members of the public money that they lost due to real estate agents not acting on the up and up.
What is the Arkansas Recovery Fund maximum per licensee liability?
The fund’s liability shall not exceed: 1. Thirty thousand dollars for each transaction, regardless of the number of persons aggrieved or the number of licensees or parcels of real estate involved.
Which estates would consist of the greatest amount of rights?
When a person owns a fee simple absolute estate interest, that person has the absolute right to use the land, possess it, dispose of it, and even damage it. A fee simple absolute estate interest is the greatest and highest property ownership estate right recognized by United States law.
What is considered to be real property?
The term “real estate” or “real property” means the land plus anything growing on it, attached to it or erected on it, including man-made objects, such as buildings, structures, roads, sewers, and fences, but excluding anything that may be removed from the land without injury to the land.
What is falsifying an application punishable as?
Falsifying documents is considered to be a white collar crime, and may be referred to by other names depending on the state. It can even be included as part of other collateral crimes. States generally charge the crime of falsifying documents as a felony crime, as opposed to a misdemeanor.
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.