You asked: Who may receive compensation from the Indiana real estate Recovery Fund?

The funds are available for people who have been awarded a final judgment in any court in Indiana. The maximum payment by the recovery fund is $20,000, but Rhonda only has one year from the final day of the court hearings to file an application to receive money from the fund.

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 maximum amount that may be paid from the Indiana real estate Recovery Fund for each violation?

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.

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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.

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.

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.

Who are the primary regulatory entities of the real estate business?

State regulation State governments are the primary regulatory entities of the real estate business. State governments establish real estate license laws and qualifications. In addition, state governments have established real estate commissions to administer license laws and oversee activities of licensees.

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.

Why was the Indiana real estate Recovery fund established?

The fund was established to protect the public by covering the expenses of investigating and taking enforcement action against real estate and appraisal fraud.

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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.

Who may receive compensation from the real estate Education Research and Recovery fund 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.

When May Brokers make a claim against the Florida real estate Recovery fund?

Before filing a claim, someone must have a case adjudged by a court of law. The Commission will not pay more than $50,000 for a single transaction or more than $150,000 for multiple claims against a licensee. Licensees can also file a claim if they are financially harmed by the actions of another licensee.

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 the Transaction Recovery Fund?

The Virginia Real Estate Transaction Recovery Act provides relief to eligible consumers who have incurred losses through the improper or dishonest conduct of a licensed real estate salesperson, broker, or firm.

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How is the real estate Recovery Fund funded quizlet?

The fees collected for the fund are $1.50 per year for a real estate sales associate and $3.50 per year for a real estate broker. Fees are paid at the time of license renewal. These annual fees are collected when the availability of funds drops below $500,000.

What is a REIT fund?

A real estate investment trust (REIT) is a corporation that invests in income-producing real estate and is bought and sold like a stock. A real estate fund is a type of mutual fund that invests in securities offered by public real estate companies, including REITs.