How does the Florida real estate recovery fund work?

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.

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.

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What is real estate Recovery Fund for?

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.

Can a broker make a claim against the Florida real estate Recovery Fund?

Before filing a claim, someone must have a case adjudged by a court of law. The Commission will not pay more than $50,000 for a single transaction or more than $150,000 for multiple claims against a licensee. Licensees can also file a claim if they are financially harmed by the actions of another licensee.

What is the maximum amount the recovery fund will reimburse?

If the application is granted, the applicant is paid an amount for his or her allowable 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.

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 are the limits of recovery from the real estate recovery trust 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.

Who can collect from the recovery fund?

The Real Estate Recovery Fund is available to persons who are awarded a court judgment or an arbitration award which includes findings of fact and conclusions of law against a real estate licensee for fraud, conversion of trust funds or criminal restitution.

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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.

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 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.

Who many times can a person retake a real estate license examination quizlet?

How many times can a person retake a real estate license examination? An unlimited amount. You just studied 21 terms!

What is the most important distinction between a single agency and a transaction broker?

What is the most important distinction between a single agency and a transaction-broker? … A transaction-brokerage relationship can only be created by written agreement.

Which statement is true regarding homeowners association disclosure requirements?

Which statement is true regarding homeowners association disclosure requirements? The buyer cannot waive the right to void the contract if the disclosure has not been provided.

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