The recovery fund is a collection of money held for the purpose of reimbursing clients or parties that are injured or lose funds from the actions of a licensed real estate agent. The account pays up to $25,000 per incident for damages and up to $50,000 maximum for each licensee.
What are the limits of compensation if any from the Alabama real estate Recovery Fund as a result of judgments or settlements against any one person?
Payments for claims based on judgments or settlements against any ONE PERSON may not exceed $50,000 in the total. What is the limit of compensation from the Alabama Real Estate Recovery Fund against any one person?
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 is the function of the real estate recovery account?
It enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring that license, and who satisfies specified requirements (California Business and Professions Code Section 10471 et seq.) to recover at least some of his or her actual loss when the licensee has …
When the license of the principal broker of a firm is revoked his her salespeople?
If an employing broker’s license expires, is suspended, or is revoked, then the licenses of all of the broker’s salespeople are likewise voided.
What’s the maximum fine the Alabama real estate Commission can impose on a licensee?
The commission shall revoke or suspend the license or impose a fine of not less than one hundred dollars ($100) nor more than two thousand five hundred dollars ($2,500), or both, or reprimand the licensee in each instance in which the licensee is found guilty of any of the following acts set out in this section.
Is a net listing legal in Alabama?
A prohibited form of payment is called a net listing. Under a net listing agreement, the listing agent receives all excess proceeds of the sale over an agreed-upon amount. These agreements are expressly forbidden in section 34-27-36(a)(20) of the Code of Alabama.
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 reimbursement that can be paid from the Florida real estate recovery fund for a single Judgement?
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.
Which statement is true regarding compensation in a real estate transaction?
Which statement is TRUE regarding compensation in a real estate transaction? Compensation does not determine the agency relationship. seller gives expressed consent.
What funds the real estate recovery account?
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.
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.
How long does a life estate last?
A life estate is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person or persons, who will automatically receive the title to the property upon the death of the life tenant.
What is the ratio of licensed and unlicensed members on the Alabama Real Estate Commission?
What is the ratio of licensed and unlicensed members on the Alabama Real Estate Commission? The answer is eight licensed and one unlicensed.
When must Alabama licensees pay a $30 fee to the state’s recovery fund?
As a condition for obtaining an original active license, each applicant must pay $30 to the recovery fund. Payments made to the recovery fund by a licensee are paid when the applicant is first licensed by the AREC. Under the Alabama Real Estate License Act, the license of a qualifying broker is suspended.
Which of the following is a requirement for Alabama real estate licensees?
Be a U.S. citizen, permanent resident alien or legally present in the U.S. Be at least 19 years old. Show proof of bona fide residency in any state in the U.S. Show proof of high school graduation or the equivalent.