What is the maximum amount that may be paid from the Real Estate Recovery Fund? The amount that may be paid from the real estate recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.
What is the maximum payment from the Recovery Fund?
$50,000 per transactionA 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.Nov 6, 2012
What is the maximum amount that will be paid out of the Florida real estate Recovery Fund per license?
$50,000 perThe maximum amount that can be claimed from Florida's Real Estate Recovery Fund is $50,000 per single transaction.
What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single Judgement?
The amount that may be paid from the real estate recovery fund may not exceed twenty thousand dollars ($20,000) per judgment and an aggregate lifetime limit of fifty thousand dollars ($50,000) with respect to any one (1) licensee.
What is the maximum claim that can be paid from the Idaho real estate Recovery Fund?
The recovery fund's liability for all claims arising from the acts or omissions of any one (1) licensee in any calendar year shall be limited to a payment of not more than ten thousand dollars ($10,000), regardless of the number of persons damaged by the acts or omissions of a licensee, or the total amount of damage ...
What is the maximum allowable reimbursement from the Recovery Fund for financial losses suffered as a result of a licensee's unlawful acts?
What is the maximum allowable reimbursement from the recovery fund for financial losses suffered as a result of a licensee's unlawful acts? 25%.
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 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.
Who orders money to be paid from the recovery fund quizlet?
The listing broker and selling broker agree to share the commission equally. 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 is the Florida real estate Recovery Fund quizlet?
Est. to reimburse the monetary damages from violations of F.S. 475 committed by real estate licensee. This must be brought in a civil action against the Broker, Broker Associate, or Sales Associate.
What is the purpose of the recovery fund?
Estate Education, Research, and Recovery Fund (the Fund) is to compensate members of the public who have been damaged by a real estate broker's or real estate sales agent's (the Agent) fraud, misrepresentation, or deceit in a real estate transaction, if the Agent can- not pay.
What percentage of the California real estate general fund is set aside?
The Real Estate General Fund is an account that holds all the money collected from license and exam fees, and is used for the operating expenses of the DRE. 1. 8% for the Real Estate Education and Research Fund 2. 12% for the Recovery Fund – regards the consumer victim of actions from real estate licensees.
Which of the following if true about a complaint would deem it legally sufficient to warrant an investigation by the DBPR?
The DBPR may investigate an anonymous complaint or one made by a confidential informant if the complaint is in writing and is legally sufficient;if the alleged violation of law or rules is substantial;and if the Department has reason to believe, after preliminary inquiry, that the alleged violations in the complaint ...
How long does it take to pay a gratuity?
The payment must be made within 30 days from the date of receipt of application. In case employer rejects the application of an employee for the payment of gratuity, he will be required to specify the reason for rejection.
What happens to gratuity when you terminate an employee?
The Act states that if an employee's services are terminated due to any act, wilful omission or negligence causing damage or loss to or destruction of property of the employer, the employee's gratuity shall be forfeited to the extent of damage or loss. The full amount of gratuity can be forfeited if an employee's services have been terminated due ...