Florida License Law
Florida's real estate Recovery Fund provides compensation to:
ALicensees who suffer losses due to fraud by their clients
BMembers of the public who suffer monetary losses due to licensee fraud, misrepresentation, or dishonest dealing✓ Correct
CBrokers who cannot collect their commissions from sellers
DLenders who suffer losses on foreclosed properties
Explanation
Florida's Real Estate Recovery Fund (managed by FREC under Chapter 475) compensates members of the public who suffer actual monetary losses due to fraud, misrepresentation, or dishonest dealing by a licensed real estate broker or sales associate. The maximum recovery is $50,000 per transaction and $150,000 lifetime against any one licensee.
Related Florida Florida License Law Questions
- In Florida, a real estate sales associate who wishes to become a broker must complete how many hours of broker pre-license education?
- A Florida licensee convicted of a third-degree felony for practicing real estate without a license faces up to:
- A Florida real estate licensee's primary obligation when advertising a property is that all advertising must be:
- Under Florida law, which action would result in a real estate licensee's license becoming 'null and void'?
- Under FREC rules, a Florida broker who receives earnest money must deposit it in the escrow account within:
- A Florida broker associate can independently open their own brokerage without:
- Which agency directly regulates real estate licensees in Florida?
- Under Chapter 475 F.S., which of the following acts would constitute 'culpable negligence' by a Florida licensee?
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →