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Ohio has created a real estate recovery fund to protect individuals who have encountered monetary losses because of an action of a licensed real estate agent or broker. The recovery fund will cover up to $40,000 per licensee to cover actual losses incurred because a licensed agent error.3. The commission shall maintain a minimum of sixty thousand dollars in the fund for recovery purposes. Such funds must be invested and reinvested by the commission and interest from the investments must be deposited to the credit of the fund.A 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.
What is the minimum balance in the Ohio real estate Recovery Fund?
3. The commission shall maintain a minimum of sixty thousand dollars in the fund for recovery purposes. Such funds must be invested and reinvested by the commission and interest from the investments must be deposited to the credit of the fund.
What is the maximum payment from the Recovery Fund?
A 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.
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What funds the real estate Recovery Fund?
The Real Estate Transaction Recovery Fund is not funded by any tax revenues. All administrative costs and claims are funded with assessments paid by real estate licensees.
Which statement is true about the Ohio commission’s role regarding decisions it makes about licensee disciplinary actions?
Which statement is true about the Ohio commission’s role regarding decisions it makes about licensee disciplinary actions? The commission has the legal authority to publicize its decisions.
What are the maximum total claims that could be paid against anyone licensee under the real estate Education Research and Recovery Fund?
Regardless of whether there was more than one person involved or how large the claims were, the fund cannot pay more than the $25,000 per transaction.
What is the real estate Recovery Fund in Ohio?
Ohio has created a real estate recovery fund to protect individuals who have encountered monetary losses because of an action of a licensed real estate agent or broker. The recovery fund will cover up to $40,000 per licensee to cover actual losses incurred because a licensed agent error.
What is the maximum reimbursement that can be paid from the Florida real estate recovery fund for a single Judgement?
The maximum amount that can be claimed from Florida’s Real Estate Recovery Fund is $50,000 per single transaction. An injured party can claim a maximum of $150,000 for multiple transactions; they can claim the unsatisfied portion of a judgment, whichever amount is less.
See some more details on the topic What is the Ohio real estate Recovery fund maximum per licensee liability? here:
2006 Ohio Revised Code – 4735.12. Real estate recovery fund.
The commission may impose a special assessment not to exceed five dollars per year for each year of a licensing period if the amount available in the fund is …
Attorney Ben Eberly Secures Maximum Recovery from Ohio …
In limited instances, the Ohio Real Estate Recovery Fund (created under … agents (salesperson or broker) up to $40,000 per licensee.
32-2186 – Real estate recovery fund; liability limits; definitions
A licensee acting as a principal or agent in a real estate transaction has no claim against the fund, including marital communities, corporations, limited …
Turning a losing case into a winner: accessing the Ohio Real …
The Ohio Real Estate Recovery Fund (O.R.C. Section 4735.12) has the … from the state of Ohio up to $40,000 per licensee (not per claim) …
What is the recovery fund used for quizlet?
The Commission established the Fund to compensate those customers who have suffered damages through the fault of a real estate licensee, and who cannot recover the damages through the normal legal means.
What occurs if a payment must be made from the transaction Recovery Fund?
If a payment has to be made from the Transaction Recovery Fund, his license will be REVOKED AUTOMATICALLY. the person will not be eligible for a new license until the Fund has been repaid the judgment amount, PLUS interest at the rate determined by the Fund when the payment was made.
For which actions may the public seek funds from the real estate Recovery Fund?
…
Persons are only able to apply for recovery of judgments based on:
- fraud, misrepresentation or deceit with intent to defraud;
- criminal restitution; or.
- conversion of trust funds. [Calif. Business and Professions Code §10471]
What is a recovery account in real estate?
The BRE states it this way: “The Recovery Account is a fund of last resort for a member of the public who has obtained a final judgment against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the normal post-judgment proceedings.”
Which funds would not need to be held in an escrow account?
- the deposit is less than $500.
- all parties to the transaction have agreed, in writing.
- closing is scheduled in less than 30 days.
- the purchaser is a non profit organization.
DRE Recovery Fund | California Real Estate License State Exam Review
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What role does the Ohio commission play in real estate ethics?
The Ohio Cannon of Ethics is the document provided by the Ohio Real Estate Commission that gives rules and regulations that agents must follow. The canon is made up of three sections that contain articles within each section. Section one addresses the licensee’s responsibility to the public and industry.
What’s the first thing the Ohio real estate superintendent does after receiving a complaint against a licensee?
(A) Within five business days after a person files a signed written complaint against a licensed real estate broker or licensed real estate salesperson with the division of real estate, the superintendent of real estate shall acknowledge receipt of the complaint and send a notice to the licensee describing the acts …
What does the Ohio real estate commission have the regulatory power to do?
Enforce licensing laws and take disciplinary action against licensees who have been found in violation, including revoking their ability to practice licensed real estate activities in a respective jurisdiction.
What is a recovery trust fund?
It enables a person who has been defrauded or had trust funds converted by a real estate licensee in a transaction requiring that license, and who satisfies specified requirements (California Business and Professions Code Section 10471 et seq.) to recover at least some of his or her actual loss when the licensee has …
What agency is charged with ensuring the balance of the real estate Education Research and Recovery Fund is maintained at $1 million or higher?
What agency is charged with ensuring the balance of the Real Estate Education, Research, and Recovery Fund is maintained at $1 million or higher? GREC- GREC is responsible for charging and depositing fees into the Real Estate Education Research, and Recovery Fund in Georgia.
Which of the following is a similarity between Cam licensees and salesperson licensees?
Which of the following is a similarity between CAM licensees and salesperson licensees? a. Both CAM and salesperson licensees can list and sell properties.
What is the purpose of the recovery fund?
What is the purpose of the Real Estate Recovery Fund? The answer is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee who violated the license law or committed other illegal acts related to a real estate transaction.
Who oversees the administrative aspects of real estate licensing and administers Ohio license law?
The governor appoints them. The Ohio Real Estate Commission has certain legal investigative powers and duties. Which four of the following are powers of the commission related to investigating possible license law violations?
Which of the following is regulated by TREC?
TREC regulates all of the following, except: mobile home dealerships. All of the following are true regarding real estate sales associates, except: a broker who puts his or her license under a sponsoring broker is known as a sales associate.
How is the real estate Recovery Fund funded quizlet?
The fees collected for the fund are $1.50 per year for a real estate sales associate and $3.50 per year for a real estate broker. Fees are paid at the time of license renewal. These annual fees are collected when the availability of funds drops below $500,000.
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What is the maximum reimbursement that can be paid from the Florida real estate Recovery Fund if multiple Judgements are awarded?
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.
Which term is defined as a settlement agreement of facts and penalties?
Stipulation. Stipulation is a settlement agreement of facts and penalties, foregoing a hearing.
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