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?
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 …
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 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 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.
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 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?
What is a legally sufficient complaint? a complaint that alleges a violation of law or rule and that has sufficient supporting evidence. … notice of compliance or citation would be issues to handle the matter without forwarding to the legal section.
When can I renew my Florida real estate license?
When do I need to renew my Florida real estate license? Florida real estate licenses expire either March 31st or September 30th, every other year. Your renewal date will be determined by the date that you passed your exam.
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 money in the Recovery Trust Account used for?
reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees.
What is a recovery fund?
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 maximum fine by Nrec per Nevada licensee?
A fine is more likely than jail for a first-time offense. Acting as a real property broker or salesman without a current and valid license by the Nevada Real Estate Commission is a gross misdemeanor in Nevada, carrying a penalty of: up to $2,000 in fines, and/or.
Who orders money from recovery fund?
What will the listing agent receive if the agent is scheduled to get a 65% share from his broker? Who orders money to be paid from the Recovery Fund? A court.
What NRS 119?
NRS 119.184 Sales: Approval of advertising and offering. 1. A subdivision consisting of land situated in the State of Nevada or another state must not be advertised or offered for sale within the State of Nevada until the advertising and offering is approved by the Division.