Terms in this set (5) The Real Estate Recovery Fund was established to reimburse those judged by a Florida court to have suffered significant monetary damage in a real estate transaction as a result of the acts of a real estate licensee. No punitive damages may be collected from the fund.
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 …
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 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 Frec?
The Florida Real Estate Commission (FREC) was created to protect the public through education and regulation of real estate licensees. The Commission consists of seven members appointed by the Governor, subject to confirmation by the Senate.
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 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.
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.
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 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 does the recovery fund pay for?
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.
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.
How long will a real estate license be suspended if funds from the Florida real estate Recovery fund are paid out against a license holder?
Suspension of an individual’s license is a temporary penalty. The maximum period for which the Florida Real Estate Commission may suspend a license is ten years. The spouse of a judgment debtor is qualified to make a claim from the Real Estate Recovery Fund.
How is the real estate Recovery Fund funded quizlet?
Terms in this set (14) The Real Estate Recovery fund is financed through money received from administrative fines and surcharges on new and renewing licenses.
What power or duty does the Frec have?
The Florida Real Estate Commission has the duty to advance the education of licensees in ethics, law, and brokerage practices. The FREC governs the conduct of licensees, and has the power to investigate and discipline licensees who violate the law. Vigorous enforcement of real estate laws protect Florida consumers.
What is the purpose of a notice of noncompliance quizlet?
a citation. a notice of noncompliance. The answer is a notice of noncompliance. A notice of noncompliance is a warning for a minor violation of an initial offense that allows a licensee 15 days to correct the minor infraction without consequence.