UNIT 9 REAL ESTATE
After the licensee's license is revoked, he will not be eligible to receive a new license until the Fund has been...
repaid in full, plus interest at the judgment rate. Bankruptcy does not relieve a person from the penalties and disabilities provided here.
If the Commission must make a payment from the Fund in the settlement of a claim or judgment against a licensee,
that licensee's license will be automatically revoked.
If the Commission must make a payment from the Fund in the settlement of a claim or judgment against a licensee...
that licensee's license will be automatically revoked.
Once the court determines that all appropriate steps have been taken, it will make an order to...
the Commission for payment from the Real Estate Education, Research and Recovery Fund.
The Georgia Real Estate Commission Rule 43-40-22 has set forth...
the regulations concerning the Real Estate Education, Research, and Recovery Fund. The Commission established the Fund to compensate those customers who have suffered damages through the fault of a real estate licensee, and who cannot recover the damages through the normal legal means.
Any person can make a claim against the Fund, if...
they are aggrieved by an act, representation, transaction, or conduct of a licensee who is in violation of the license law, rules or regulations. The fund may pay out - if the court orders such a payment - actual or compensatory damages. Regardless of whether there was more than one person involved or how large the claims were, the fund cannot pay more than the $25,000 per transaction.
If, at any time, the money deposited in the Real Estate Education, Research and Recovery Fund is insufficient to satisfy any duly authorized claim or portion thereof, the Commission...
will delay paying those claims until sufficient money has been deposited into the Fund, paying past due monies in the order that such claims were originally filed, plus accumulated interest at the rate of 4 percent a year.
The liability of the fund for the acts of a single licensee is limited to...
$75,000, regardless of how many persons or transactions are involved.
The following regulations concerning the Fund have also been set forth by the Georgia Real Estate Commission.
-A licensee acting as a principal or agent in a real estate transaction has no claim against the Fund. -No person who establishes a claim will ever get more than $25,000 from the fund. -In order to receive a claim against the Fund, the aggrieved party must bring the suit about within 2 YEARS of when the damage occurred. -The aggrieved person, in beginning the action for the judgment, must notify the Commission in writing, by certified mail, return receipt requested, that he is beginning such an action. -The Commission has the right to intervene in and defend any such action.
The Commission has the discretion to use any and all funds from new licensee payments to the Real Estate Education, Research and Recovery Fund OR from the accrued interest earned on the fund to help underwrite the cost of:
-Developing courses. -Conducting seminars. -Conducting research projects on matters affecting real estate brokerage. -Publishing and distributing educational materials. Other education and research programs for the benefit of licensees and the public.
Once all the appropriate steps have been taken, the aggrieved party can apply to the court for an order directing the payment out of the Real Estate Education, Research, and Recovery fund of the amount unpaid upon the judgment, with how many days written notice to the Commission?
10 days
Every license applicant pays $___ into the Real Estate Education, Research and Recovery Fund for a new license.
20
Every license applicant pays how much into the Real Estate Education, Research and Recovery Fund for a new license?
20 dollars
What has the Commission established to compensate those customers who have suffered damages through the fault of a real estate licensee, and who cannot recover the damages through the normal legal means?
The Real Estate Education, Research, and Recovery Fund
Which of the following is not a possible action by the Commission on behalf of and in the name of the defendant when the Commission receives notice of a claim against the Fund?
To demand half of the awarded damages
It is illegal for any person or his agent to file...
any notice, statement, or other document required that is false, untrue, or contains any material misstatement of fact. Such an offense will constitute a misdemeanor. The Commission has the authority to take recourse through any appropriate method of review on behalf of and in the name of the defendant.
It is mandated under Georgia law that
any real or personal nonexempt property belonging to the licensee can be seized to satisfy the judgment.
Upon 10 days' WRITTEN NOTICE to the Commission, the aggrieved party can...
apply to the court for an order directing the payment out of the Real Estate Education, Research, and Recovery fund of the amount unpaid upon the judgment up to the $25,000 limit.
The minimum balance of the Fund must be at least $1,000,000. If for some reason the Real Estate Education, Research and Recovery Fund drops below the required minimum balance of $1,000,000, the Commission has the authority to...
assess a fee of up to $30 per year for all licensees, in order to build up the Fund's balance.
These programs must be approved by the Commission so that it is in accordance with the applicable laws, rules and regulations. The Commission is not permitted to...
expend or commit sums for educational or research purposes in amounts that would cause the Fund to be reduced to an amount less than $1 million.
In order to receive possible payment from the Fund, the aggrieved person must...
obtain a judgment against the licensee from a court of competent jurisdiction, and then he or she may, upon termination of all proceedings including reviews and appeals, file a verified claim in the court in which the judgment was obtained.