A buyer in Blair County closes on a property and later discovers the seller's real estate agent knew about a major plumbing defect but did not disclose it. The buyer sues both the seller and the agent. If the buyer obtains a judgment against the agent but the agent cannot pay, what is the maximum the buyer can recover from the PA Real Estate Recovery Fund per transaction?
Correct Answer
B) $40,000
Under the PA Real Estate Recovery Fund (63 P.S. §455.801-802), the maximum recovery per transaction is $40,000. The fund compensates individuals who obtain final judgments against licensed real estate professionals for wrongful acts performed in their licensee capacity.
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