North Carolina License Law
The NCREC's Recovery Fund provides compensation to members of the public who have suffered monetary losses due to:
AMarket value declines on purchased property
BImproper acts by a licensed NC real estate broker✓ Correct
CContractor defects in new construction
DHOA disputes
Explanation
The NCREC Recovery Fund compensates members of the public who have suffered actual monetary losses as a result of fraudulent or improper conduct by a licensed NC real estate broker.
Related North Carolina North Carolina License Law Questions
- Under NC General Statutes Chapter 93A, how many hours of pre-license education must a salesperson candidate complete before sitting for the state exam?
- If the NCREC pays a Recovery Fund claim on behalf of a licensee, what automatically happens to that licensee's license?
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