How is the real estate Recovery fund funded?
The California Real Estate Recovery Fund was established in 1964. It is funded both from a portion of real estate license fees and also from fines collected by the Department of Real Estate (DRE). … If the account’s balance exceeds $3.5 million, any excess in fees collected are credited to a general real estate fund.
How is the Florida 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.
Why was the real estate Recovery fund established quizlet?
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.
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.
What is a recovery fund?
The Contractor and Real Estate Transaction Recovery Acts provide relief to eligible consumers who have incurred losses through the improper and dishonest conduct of a licensed contractor or real estate professional.
What is the real estate general 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.
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 reimbursement that can be paid from the Florida real estate recovery fund for a single judgment?
The aim of the Recovery Fund is to provide “for the reimbursement of persons who suffer monetary losses because of the unscrupulous acts of licensed brokers or salespersons.” 3 The Recovery Fund can reimburse damaged homebuyers up to $50,000, or an amount equal to an unsatisfied portion of a claimant’s judgment against …
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.
How much money can a licensee receive from the Recovery fund quizlet?
The answer is a $25,000 maximum recovery from the recovery fund, plus limited court costs and attorney’s fees.
What is the maximum reimbursement that can be paid from the Florida real estate Recovery fund if multiple judgments are awarded against a licensee?
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 maximum reimbursement that can be paid from the Florida real estate Recovery fund if multiple Judgements 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.
Can a broker make a claim against the Florida real estate Recovery Fund?
According to Section 475.483 (2)(a), Florida Statutes, a person is not qualified to make a claim for recovery from the Real Estate Recovery Fund when the person seeking recovery is a licensed broker or sales associate who acted as a single agent or transaction broker in the transaction that is the subject of the claim.
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 amount the Fund will reimburse?
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.