The Florida Real Estate Commission (FREC)
The Florida real estate recovery fund is a special account established by the Florida Real Estate Commission (FREC). The Commission enforces the state's real estate law and issues licenses to real estate associates and brokers.
Who administers the VA real estate transaction Recovery fund?
The fund is overseen by the Director of the DPOR, or Department of Professional and Occupational Regulation. Each new licensee must pay $20 into the Virginia Real Estate Transaction Recovery Fund. The Fund's minimum balance is $400,000.
Who administers the Ohio real estate Recovery fund?
The Ohio Division of Real Estate
The fund is managed by the Ohio Division of Real Estate and is also guarded by the Ohio Attorney General's Office. The two government offices are responsible for reviewing claims, protecting the funds from being misused, and distributing funds in the event that a valid complaint is approved.
Which of the following is accomplished by the Florida real estate Recovery fund?
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 can never be reimbursed from the Recovery fund?
Claimants must have a judgment from the appropriate court in order to be eligible for payment from the Recovery Fund, and any monies already received as damages must be applied to reduce the payment from the Fund. Treble damages, court costs, attorneys' fees, and interest cannot be recovered from the Fund.
How much does a beginner real estate agent make in New York?
First Year Real Estate Agent Salary in New York. $73,100 is the 25th percentile. Salaries below this are outliers. $112,500 is the 75th percentile.