Leasing License Practice Exam

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What is the maximum amount that can be recovered from the Real Estate Recovery Fund against one licensee?

$25,000
$50,000
$10,000
$100,000

The correct answer is: $50,000

The maximum amount that can be recovered from the Real Estate Recovery Fund against one licensee is set at $50,000. This fund is designed to provide a financial remedy for individuals who have suffered losses due to the actions of a licensed real estate professional. By placing a limit on the recoveries against a single licensee, the fund ensures that there are adequate resources available for multiple claimants while also setting a reasonable cap on the liability of any individual licensee. This structure encourages professionalism within the real estate industry, as licensees are aware that their actions have potential financial consequences and may be more inclined to adhere to ethical guidelines and regulatory standards.