A buyer conducts a real estate transaction with a PA-licensed agent who commits fraud. The buyer obtains a civil judgment of $60,000 against the agent, but the agent is judgment-proof. How much can the buyer recover from the PA Real Estate Recovery Fund?
Correct Answer
D) Up to $40,000, which is the maximum per transaction
The PA Real Estate Recovery Fund has a maximum payout of $40,000 per transaction. Even though the judgment is $60,000, the fund will pay only up to the per-transaction maximum of $40,000.
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More Pa Licensing Requirements Ce Questions
A salesperson in PA completes their CE online but cannot locate the completion certificate when it's time to renew. What should the salesperson do?
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- → A real estate company in Pennsylvania operates as a corporation. Under RELA, what special licensing requirements apply to a corporate real estate entity?
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