Article 4: Real Estate Recovery Fund

Question 1

TEST-Payments by real estate licensees

Answer 1

When applying for or renewing Licensees will pay the REC no more than $125

Question 2

Average balance of recovery fund

Answer 2

every two years adjusted: less than $250K or more than $500K

Question 3

Claim to payment

Answer 3

must be result of fraud, intentional tort, deceit, embezellment,
Must pay a $250 application fee

Question 4

Maximum award of a recovery fund

Answer 4

$15k for each transaction regardless of the number of persons or parcels involved

Question 5

Maximum liability for any one licensee

Answer 5

$50k-award distributed among the claimants in the ratio that their claims bear to the aggregate of valid claims

Question 6

Penalty of false claims or documents

Answer 6

jail of not more than one year or a fine not more than $1k, or by both