Best answer: What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single Judgement?

What is the maximum reimbursement that can be paid from the Florida real estate Recovery Fund if multiple judgments 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.

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.

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

What will the real estate Recovery Fund never pay for?

What is the maximum amount that can be paid from the Real Estate Recovery Fund For many judgments in several transactions against one licensee? Recovering Funds The Commission will not pay more than $50,000 for a judgment involving a single transaction. Also, the Commission will not pay any legal fees.

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?

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 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 is the fine per call in violation of Florida’s telemarketing act?

Violators of the federal Telephone Consumer Protection Act may be fined up to $11,000 per call. The penalty for violating Florida’s Telemarketing Act is $10,000 per call. An escrow account is an account for the deposit of money held by a third party in trust for another for safekeeping.

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What is the charge for anyone found guilty of using false or misleading advertising?

For example, in California, the state attorney general can bring a lawsuit to recover civil penalties up to $2,500 for each false advertisement sent to a consumer. The Federal Trade Commission (FTC), a federal agency charged with protecting consumers, can collect civil penalties up to $40,000.

What is a legally sufficient complaint?

A written complaint is “legally sufficient” to instigate an investigation if it contains “ultimate facts” that show a violation of statute or rule; that is, it is not sufficient if it contains a bare assertion that the law has been violated, it must contain facts showing how the violations occurred.

What type of estate is complete ownership and exists for an unlimited time?

Freehold estates are estates of indefinite duration that can exist for a lifetime or forever. Some types of freehold estates are classified as “estates of inheritance,” where the estate continues beyond the life of the holder and descends to their living heirs upon death as specified by the will or by law.

Which of the following are contingencies in a real estate contract?

Contingencies can include details such as the time frame (e.g. “the buyer has 14 days to inspect the property”) and specific terms (e.g. “the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%”).

Which person would need a real estate license?

Real estate broker: This person is the key player. Most states require you to have a broker’s license to perform certain activities like sell houses for other people. Real estate salesperson: Salespeople are allowed to perform all the activities that the state requires a real estate license for.

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