DRE & Licensing
In California, the Real Estate Recovery Account is funded by:
AState general fund appropriations
BA portion of license fees paid by real estate licensees✓ Correct
CMandatory contributions from title companies
DCourt-ordered fines from disciplined licensees
Explanation
The Real Estate Recovery Account is funded by a portion of the license fees paid by California real estate licensees. It provides compensation to members of the public who have suffered financial loss due to the fraudulent or dishonest acts of a licensee and cannot otherwise collect on a civil judgment.
Related California DRE & Licensing Questions
- Which of the following requires a separate endorsement in addition to a California real estate broker license?
- Which of the following violations would subject a California real estate licensee to the 'moral turpitude' grounds for discipline under the Business and Professions Code?
- What is the California Real Estate Law found in?
- Under California law, the maximum amount a broker may keep of their own funds in a trust account (to cover bank service charges) is:
- When a real estate broker receives a deposit check from a buyer, California law requires the broker to place the funds in a trust account or deliver them to the escrow within:
- A California real estate licensee who violates the Real Estate Law may be subject to all of the following EXCEPT:
- What is 'negligent misrepresentation' in the context of real estate?
- A real estate salesperson who receives a complaint may have their license:
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