California real estate recovery account

Question 1

The account is funded through a percentage of license fees, true or false?

Answer 1

True

Question 2

Consumers have two years to seek payment from the account, true or false?

Answer 2

False, they have one year

Question 3

Payments are limited to 50,000 per transaction and 250,000 per license ,true or false?

Answer 3

True

Question 4

If a payment is made from the recovery account, the license must pay back the amount, plus interest. True or false?

Answer 4

True

Question 5

Hey licenses license remains active while they are reimbursing the recovery account, true or false?

Answer 5

False