Illinois License Law
What is the purpose of the Illinois Real Estate Recovery Fund?
AA fund that pays real estate agents their commissions when buyers default
BA fund that compensates consumers who suffer financial losses due to a licensee's fraud, misrepresentation, or theft✓ Correct
CA fund that reimburses brokerages for uncollected commissions
DAn Illinois state investment fund managed by IDFPR
Explanation
The Illinois Real Estate Recovery Fund compensates consumers who suffer actual financial losses due to fraud, misrepresentation, or theft by a licensed real estate agent. Consumers must obtain a court judgment against the licensee and demonstrate that the judgment cannot be satisfied before the fund pays. There are caps on recovery amounts per transaction and per licensee.
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