What is the maximum payment limit from the recovery fund for a single transaction?

The maximum payment limit from the recovery fund for a single transaction is set at $100,000. This limit is in place to protect consumers and ensure that the fund can address various claims while providing sufficient assistance for individual cases that arise due to licensee misconduct.

The recovery fund is designed to help individuals who have suffered damages due to the actions of licensed real estate professionals, ensuring there are resources available for those who may have been defrauded or wronged in a real estate transaction. By capping the amount at $100,000 for each transaction, the fund can serve a broader range of claims without being depleted too quickly, thus maintaining its availability for future claims.

Understanding the specific limits of the recovery fund is critical for consumers, real estate professionals, and regulatory authorities. Such awareness helps ensure that parties involved in real estate transactions are informed about their protections and actions should a dispute occur.