License Law & RulesQuestion 40 of 120
The Florida Real Estate Recovery Fund exists primarily to:
a.Pay licensees when commissions go unpaid by brokers
b.Fund advertising for the real estate industry
c.Provide loans to first-time homebuyers
d.Reimburse consumers who obtain a court judgment for a licensee's wrongdoing that cannot be collected
Explanation
The Recovery Fund reimburses members of the public who have suffered monetary damages from a licensee's fraud or similar act and hold an uncollectible court judgment. Payment from the fund can lead to automatic suspension of the offending licensee. Recovery is subject to statutory limits per transaction and licensee.
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