Texas License Law
In Texas, the 'Real Estate Inspection Recovery Fund' functions similarly to TREC's Real Estate Recovery Trust Account, but specifically for:
AAll real estate professionals including appraisers
BConsumers harmed by licensed real estate inspectors who cannot satisfy judgments✓ Correct
CProperty owners who suffer inspection-related losses
DBuyers who discover undisclosed defects after closing
Explanation
The Real Estate Inspection Recovery Fund compensates consumers who have obtained a court judgment against a licensed real estate inspector that cannot be collected due to the inspector's insolvency. Similar to the real estate recovery account, there are limits on recovery amounts, and the inspector's license is revoked upon payment from the fund.
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