Illinois License Law
The Real Estate Recovery Fund in Illinois is designed to:
AProvide loans to new licensees starting their careers
BCompensate members of the public who suffer financial losses due to a licensee's fraud or misconduct✓ Correct
CFund IDFPR's licensing examination program
DCover errors and omissions for uninsured brokers
Explanation
The Illinois Real Estate Recovery Fund compensates members of the public who have suffered actual financial losses as a result of a licensee's fraud, misrepresentation, or deceit, when the licensee cannot satisfy the judgment. There are maximum payout limits per licensee and per transaction.
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