You asked: What is the maximum amount that will be paid out of the Florida real estate Recovery Fund per licensee?

What is the maximum amount that will be paid out of the Florida Real Estate Recovery Fund for a transaction? Payments from the Florida Real Estate Recovery Fund are limited to $50,000 per transaction and $150,000 per licensee, regardless of the number of victims from the transaction.

What is the maximum payment from the Recovery fund?

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.

IT IS IMPORTANT:  Your question: How does fractional ownership in real estate work?

What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single judgment?

Under FS 475.484(4), payments from the fund for claims involving a single transaction cannot exceed $50,000 or the unsatisfied portion of the claim, whichever is less. Payments for multiple claims made against any one broker or sales associate may not exceed a total of $150,000.

What is the maximum liability of the real estate Recovery fund?

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.

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.

What is the maximum amount that any claimant may receive from the Recovery 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.

What is the maximum payment a person may receive from the recovery fund for claims arising out of a single transaction?

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.

IT IS IMPORTANT:  Do pension funds invest in commercial property?

How much in personal funds can a broker place in a sales escrow account?

A broker may place and maintain up to $5,000 of personal or brokerage funds per each property management escrow account.

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.

What is the Florida real estate recovery fund?

The Real Estate Recovery Fund is an account created by the Florida Real Estate Commission (“FREC”) to reimburse any person, partnership, or corporation adjudged by a court of competent civil jurisdiction in this state to have suffered monetary damages by reason of any act committed, as a part of any real estate …

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.

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.

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.

IT IS IMPORTANT:  Question: Why is real estate such a good investment?

What is a legally sufficient complaint?

A complaint is legally sufficient if it contains ultimate facts that show that a violation of this chapter or of any rule adopted by the department or the board has occurred. In order to determine legal sufficiency, the department may require supporting information or documentation.

What action may be taken if either the Florida real estate Commission?

What disciplinary action can be taken against a real estate or appraiser licensee? The Florida Real Estate Commission/Florida Real Estate Appraisal Board can either fine, suspend, revoke, place on probation or reprimand licensees.

When can I renew my Florida real estate license?

When do I need to renew my Florida real estate license? Florida real estate licenses expire either March 31st or September 30th, every other year. Your renewal date will be determined by the date that you passed your exam.