Georgia’s Real Estate Education, Research, and Recovery Fund is a special fund within the state treasury, held in trust by the Georgia Real Estate Commission. Whenever someone obtains a new real estate license in Georgia, he/she pays into this fund.
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 Grec funded?
GREC is charged with granting real estate licenses (and collecting license fees). … The recovery fund is a pool of money used to compensate clients who were wronged by license holders.
Who or which entity is responsible for funding the real estate Education Research and Recovery fund?
The Commissioner of Commerce has the responsibility to maintain the Real Estate Education, Research and Recovery Fund. According to state law, each licensed real estate broker, salesperson, and closing agent in Minnesota must pay into the recovery fund each year.
How is the real estate Recovery fund funded quizlet?
The fees collected for the fund are $1.50 per year for a real estate sales associate and $3.50 per year for a real estate broker. Fees are paid at the time of license renewal. These annual fees are collected when the availability of funds drops below $500,000.
What is the maximum amount that will be paid out of the Florida real estate Recovery fund per licensee?
Maximum payout is $50,000 per transaction and $150,000 per licensee. Recovery Fund will only pay real damages, not punitive damages (pain and suffering money) and attorney fees or court costs. Recovery Fund money comes from fines and fees.
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 BRE. … The licensee must have been properly licensed at the time the cause of action arose, and must have been performing acts requiring a real estate license.
Can Grec impose sanctions?
Georgia Real Estate Commission Responsibilities
GREC is responsible for: … Regulating the initial licensing and license renewal process for real estate professionals. Investigating license violations and imposing sanctions.
What’s required of a licensee who receives trust funds from a client?
When a licensee receives trust funds, she must turn the funds over to the broker as soon as practically possible. The broker must deposit the funds into a trust account. A licensee acting in her own transaction still must turn over any earnest money for deposit in trust account.
Which is not a violation for which the real estate Education Research and Recovery Fund may compensate claimants in Georgia?
Otherwise, the citation’s order is considered final. Which is NOT a violation for which the real estate education, research, and recovery fund may compensate claimants in Georgia? Failure to disclose a criminal conviction Licensees aren’t required to disclose prior convictions to their clients or customers.
What does Dre mean in real estate?
The regulation of licenses is an important function of the California Department of Real Estate. The DRE was established in 1917 with the formation of the first-ever Real Estate Law in the country.
What is the purpose of the Frec disciplinary guidelines?
What is the purpose of the FREC disciplinary guidelines? The purpose of the disciplinary guidelines is to give notice to licensees of the range of penalties that normally will be imposed for each count during a formal or informal hearing. Disciplinary guidelines are based on a single violation.
What may happen to Georgia licensees who haven’t paid back disbursements made on their behalf from the real estate Education Research and Recovery fund?
What may happen to Georgia licensees who haven’t paid back disbursements made on their behalf from the real estate education, research, and recovery fund? Their license will be suspended until they pay back disbursements and interest.
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.
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.
How much money can a licensee receive from the Recovery Fund quizlet?
The answer is $25,000. The commission shall pay upon request from the Real Estate Recovery Fund the amount specified, provided the amount does not exceed $25,000, for any one violation or continuing series of violations, regardless of the number of licensees who participated in the violation.