What is the maximum amount that will be paid out of the Florida real estate recovery fund for a transaction?
What is the maximum payment from the Real Estate Recovery Trust Account per transaction? Consumers who apply for payment from the Real Estate Recovery Trust Account may recover up to $50,000 per transaction, with a maximum of $100,000 per license holder for multiple transactions.
How does the Florida real estate recovery fund work?
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.
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.
Does Florida have a real estate Recovery Fund?
The 2021 Florida Statutes. 475.482 Real Estate Recovery Fund. —There is created the Florida Real Estate Recovery Fund as a separate account in the Professional Regulation Trust Fund.
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 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.
Which statement is correct regarding disclosed dual agency in Florida?
Which statement is correct regarding disclosed dual agency in Florida? Disclosed dual agency is not an authorized brokerage under Florida law.
What’s it called when a licensee tries to induce sales by predicting a decline in market value?
What is it called when a licensee tries to induce sales by predicting a decline in market value? Panic selling.
Who Cannot collect from the recovery fund?
The title insurance company is not entitled to recover from the Recovery Fund. Only an aggrieved person may recover. An aggrieved person is a client or member of the public who lost money when dealing with the licensee in the scope of the licensee’s authority.
Who is eligible to receive payment from the Recovery Fund?
Eligibility for the fund is established when a claimant pursuing recovery from a licensee in civil court proceedings has exhausted all avenues of collection from the judgment debtor pursuant to receiving a full judgment in a court of competent jurisdiction.
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.