What is the maximum amount the recovery fund?

What is the maximum amount the recovery fund?

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 the recovery fund in real estate?

Estate Education, Research, and Recovery Fund (the Fund) is to compensate members of the public who have been damaged by a real estate broker’s or real estate sales agent’s (the Agent) fraud, misrepresentation, or deceit in a real estate transaction, if the Agent can- not pay.

What is the transaction Recovery Fund Minimum balance?

Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery Fund. The Fund’s minimum balance is $400,000.

What is the transaction Recovery Fund?

The Virginia Real Estate Transaction Recovery Act provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker, or firm.

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.

When the transaction recovery fund balance falls below a statutory minimum it results in?

If the Transaction Recovery Fund falls below a statutory minimum, licensees may be assessed to restore the Fund. What is the maximum that one licensee may be assessed during a two-year period?

How much money can be paid from the revolving Recovery fund per transaction?

Payments for claims arising out of the same transaction are limited to $15,000, regardless of the number of claimants or parcels of real estate involved in the transaction.

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.

Which statement regarding the recovery fund is false?

Which violation is a third degree felony? A broker followed the instructions of an escrow disbursement order (EDO). The seller sued the broker. Which expense associated with the EDO CANNOT be reimbursed from the recovery fund?

How is the recovery account funded?

The California Department of Real Estate administers a victim’s fund known as the Real Estate Consumer Recovery Account Fund (“Consumer Recovery Account”). The Consumer Recovery Account is funded from a portion of the fees paid by real estate licensees.

What is the maximum total reimbursement that could be provided by the Arizona real estate Recovery fund?

The maximum payout per residential contractor’s license is $200,000.00. Once $200,000.00 in claims has been disbursed, no further payments from the Fund against that contractor’s license shall be allowed. A.R.S.

What is the recovery fund used for 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.

What is a real estate license Recovery Fund?

The Commission enforces the state’s real estate law and issues licenses to real estate associates and brokers. When an associate or broker like Donna, receive a license, they become a licensee and have to pay into the recovery fund. The fee that a licensee pays depends on the type of license that they have.

What is the maximum amount paid from the 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. (3) that occurred after December 31, 1987. As added by P.L.255-1987, SEC.6.

What is the collection cost recovery fee (CRF)?

What is the Collection Cost Recovery Fee (CRF)? Covers costs incurred to collect tax and fee liabilities that are unpaid for more than 90 days. Applies to most taxes and fees collected by the CDTFA. Assessed on liabilities greater than $250. Fee amount changes based on dollar amount of past due liabilities.

When does the Commission collect the fees from a licensee?

The Commission collects the fees when a licensee submits an application. If the recovery fund has a balance of $1 million dollars or more, then no fees are collected at that time. However, if the account falls below $500,000 then the Commission collects the fees again.