A consumer in SC obtains a court judgment against a licensee for misconduct but cannot collect because the licensee has no assets. Under SC's Real Estate Recovery Fund, what is the maximum the consumer can recover per transaction?
Correct Answer
B) $75,000 per transaction, up to $150,000 per licensee lifetime
Under SC Code § 40-57-230, the SC Real Estate Recovery Fund compensates consumers who have obtained an unsatisfied court judgment against a licensee for misconduct. The fund pays a maximum of $75,000 per transaction and no more than $150,000 total against any one licensee over the licensee's career. Upon payment from the fund, the licensee's license is automatically suspended until the amount is repaid with interest.
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