Leasing License Practice Exam

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Which group may file a claim with the Real Estate Recovery Fund?

Only clients of licensed agents
Unlicensed individuals
Any aggrieved person
Agency representatives

The correct answer is: Any aggrieved person

The Real Estate Recovery Fund is established to protect consumers harmed by the actions of licensed real estate professionals. The fund allows any person who has suffered a loss due to the dishonesty, fraud, or misrepresentation of a licensed agent to file a claim. This encompasses a wide range of individuals, including those who may not necessarily be clients of the agent, since anyone who is aggrieved can seek recourse through the fund. This inclusive approach is crucial because it ensures that all individuals affected by unethical practices in real estate transactions have a means to recover their losses, regardless of their relationship with the licensed agent. It emphasizes the importance of accountability in the real estate profession and provides a safety net for consumers. By allowing "any aggrieved person" to file a claim, the fund reinforces the principle that ethical conduct is paramount in real estate dealings, making it accessible to those who may have been wronged in various capacities.