DRE & LicensingIntermediateCalifornia Exam
What is the California Real Estate Recovery Fund and who may make a claim against it?
AA fund for real estate licensees who lose money in transactions
BA fund that compensates members of the public who suffer actual losses due to fraud, misrepresentation, or deceit by a California real estate licenseeCorrect
CA fund for real estate licensees' retirement
DA fund managed by the NAR for agent errors
Why A fund that compensates members of the public who suffer actual losses due to fraud, misrepresentation, or deceit by a California real estate licensee Is Correct
Answer B: A fund that compensates members of the public who suffer actual losses due to fraud, misrepresentation, or deceit by a California real estate licensee
The Real Estate Recovery Account (Fund) compensates members of the public who obtain a civil court judgment against a California licensee for fraud, misrepresentation, or deceit, but cannot collect from the licensee. Maximum recovery per transaction is $50,000, with a $250,000 maximum per licensee.
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