Florida License Law
The Florida Real Estate Recovery Fund is designed to:
APay the broker's commission when a seller defaults
BReimburse victims who suffer monetary damages caused by a licensee's misconduct✓ Correct
CFund the Florida Real Estate Commission's operating expenses
DInsure brokers against errors and omissions claims
Explanation
The Florida Real Estate Recovery Fund compensates persons who have suffered financial harm due to the fraudulent or dishonest acts of a licensed Florida real estate professional when other remedies are unavailable.
Related Florida Florida License Law Questions
- Under Florida law, a real estate brokerage may be organized as which of the following business entities?
- A Florida real estate licensee must display their license upon request by which of the following?
- In Florida, the maximum administrative fine FREC may impose per violation is:
- A Florida broker who advertises a property without the seller's permission has committed which violation?
- The Florida Real Estate Commission meets on a regularly scheduled basis and is located in:
- A Florida broker who holds client funds in their personal bank account is guilty of:
- A Florida real estate licensee who also holds a mortgage broker license wishes to earn fees on both the real estate commission and the loan origination. This dual compensation:
- A Florida broker who accepts a commission from both buyer and seller in the same transaction without full disclosure and consent from both parties has committed:
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