What is the maximum reimbursement that can be paid from the Florida real estate Recovery Fund?

The aim of the Recovery Fund is to provide “for the reimbursement of persons who suffer monetary losses because of the unscrupulous acts of licensed brokers or salespersons.” 3 The Recovery Fund can reimburse damaged homebuyers up to $50,000, or an amount equal to an unsatisfied portion of a claimant’s judgment against …

THIS IS INTERESTING:  Is GST included in real estate commission?

What is the maximum reimbursement that can be paid from the Florida real estate recovery?

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.

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 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.

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 maximum reimbursement that can be paid from the Florida Real Estate Recovery Fund if multiple Judgements 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.

THIS IS INTERESTING:  You asked: How much is capital gains tax on property in Zimbabwe?

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 …

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 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 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.

THIS IS INTERESTING:  Do you need a license to wholesale real estate in Florida?

What is the minimum amount of funds that must be maintained in the recovery fund?

The fund is maintained at a minimum level of four hundred thousand dollars.

What is the maximum total reimbursement that could be provided by the Arizona real estate Recovery fund for Gordon’s fraudulence?

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 amount of personal funds a broker can place in the property management escrow?

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

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 is Edo in real estate?

Definition: A course of action for determining the disposition of a contested deposit.