Idaho License Law
What is the purpose of the IREC 'Recovery Fund' and how is it funded in Idaho?
AIt funds IREC's operating budget
BThe Recovery Fund compensates victims of licensee fraud, misrepresentation, or deceit; it is funded through a per-license assessment collected when licenses are issued or renewed✓ Correct
CIt provides unemployment benefits for terminated licensees
DIt funds CE course development
Explanation
Idaho's Real Estate Recovery Fund compensates consumers who suffer financial loss due to a licensee's fraud, misrepresentation, or violations of license law, when the licensee is unable to pay. The fund is maintained through assessments collected from licensees at initial licensure and renewal.
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