What is the maximum recovery amount from the Real Estate Transaction Recovery Fund for a consumer?

The maximum recovery amount from the Real Estate Transaction Recovery Fund for a consumer is set at $20,000. This fund is designed to protect consumers who suffer losses due to the actions of licensed real estate agents or brokers who fail to fulfill their duties. The amount reflects the state's commitment to ensuring consumer protection in real estate transactions, providing a financial safety net.

It's important to note that this fund operates under specific guidelines and limitations, ensuring that transactions in real estate adhere to professional standards. By having a recovery fund in place, consumers have recourse in situations where they encounter fraud or negligence by a licensed agent. The specified amount of $20,000 caps the recovery to maintain the fund’s sustainability while still offering significant protection to consumers.