What is the purpose of the Montana real estate recovery account?

The recovery fund is administered by the Montana Board of Realty Regulation. Its purpose is to pay compensation towards unsatisfied legal judgements resulting from the actions of a Montana real estate licensee.

What is the purpose of the real estate Recovery Trust Account?

The real estate recovery fund means funds used for the reimbursement of aggrieved persons who suffer monetary damages due to acts committed by licensed real estate brokers or salesmen. Provided such act must be performed by a broker or salesman.

What is the purpose of the real estate Recovery Fund quizlet?

What is the purpose of the Real Estate Recovery Fund? The answer is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law or committed other illegal acts related to a real estate transaction.

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What is the maximum amount a consumer can recover from the real estate transaction recovery fund?

State law limits a single Recovery Fund claim to $20,000. Multiple claims involving the same real estate licensee are limited to $100,000 per biennial license period. If multiple claims involving one licensee exceed $100,000, the claim amounts must be prorated.

What is one purpose of the Indiana real estate Recovery Fund?

Managed by the Indiana Real Estate Commission, the Indiana Real Estate Recovery Fund was established to protect consumers and clients from cash losses due to unlawful practices by real estate licensees.

What is a real estate recovery account?

The BRE states it this way: “The Recovery Account is a fund of last resort for a member of the public who has obtained a final judgment against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the normal post-judgment proceedings.”

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.

Why was the real estate Education Research and Recovery Fund established quizlet?

the regulations concerning the Real Estate Education, Research, and Recovery Fund. The Commission established the Fund to compensate those customers who have suffered damages through the fault of a real estate licensee, and who cannot recover the damages through the normal legal means.

What is the purpose of 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 …

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What is the purpose of the Frec disciplinary guidelines?

What is the purpose of the FREC disciplinary guidelines? The purpose of the disciplinary guidelines is to give notice to licensees of the range of penalties that normally will be imposed for each count during a formal or informal hearing. Disciplinary guidelines are based on a single violation.

What happens if the real estate recovery fund falls below the required minimum balance of $100000?

There are no excess funds at that dollar amount. What happens if the Real Estate Recovery Fund falls below the required minimum balance of $100,000? Nothing happens because the minimum required balance is not $100,000.

What are the limits that can be paid out of Recovery account?

What are the payment limits for the recovery funds? Regardless of the number of applicants, payments from the Real Estate Recovery Trust Account may not exceed $50,000 per transaction, with a maximum of $100,000 per license holder for multiple transactions.

What is consumer 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 …

What is a commission split?

The commission split is the fee a brokerage collects from an agent it employs on each real estate transaction. It is typically expressed as a percentage of the gross commission income that the agent receives (i.e. 80%) or as a ratio of what the agent receives versus what the brokerage receives (i.e. 80/20).

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Who administers Indiana real estate Recovery Fund?

Sec. 1. (a) The real estate recovery fund is established for the purpose set out in this chapter. The fund shall be administered by the real estate commission.

What type of legal description is based on a baseline and Principal Meridian?

The government survey system began in 1785, and is a system that uses two perpendicular lines: a baseline and principal meridian. This system, also called the geodetic or rectangular survey system, is used in many areas of the United States, most commonly in the west.