What is the California real estate Recovery Fund?

What is the California real estate Recovery Fund?

The California Real Estate Recovery Fund was established in 1964. It is funded both from a portion of real estate license fees and also from fines collected by the Department of Real Estate (DRE).

Who Cannot collect from the recovery fund?

The title insurance company is not entitled to recover from the Recovery Fund. Only an aggrieved person may recover. An aggrieved person is a client or member of the public who lost money when dealing with the licensee in the scope of the licensee’s authority.

What is the maximum amount that will be paid out of the recovery account per licensee?

If the application is granted, the applicant is paid an amount for his or her allowable out-of-pocket loss in a transaction, up to a statutory maximum of $50,000 per transaction, with a possible total aggregate maximum of $250,000 per licensee.

What is the real recovery fund?

The real estate recovery fund means funds used for the reimbursement of aggrieved persons who suffer monetary damages due to acts committed by licensed real estate brokers or salesmen. Provided such act must be performed by a broker or salesman.

Who enforces the collection of sales and use taxes in California?

15 of 25 – Who enforces the collection of sales and use taxes in California? The California State Board of Equalization enforces the collection of sales and use taxes.

What happens to a California real estate licensee if they are involved in a case and Cannot pay the judgment amount and the consumer is awarded money from the real estate recovery account?

When there is a decision to pay, the judgment debtor/licensee has the right to file a writ of mandamus to challenge the Department’s decision to pay (payment results in the automatic suspension of his or her real estate license until the amount paid is repaid in full plus 10% interest).

What happens to you if you are involved in a case and Cannot pay the judgment amount and the consumer is awarded money from Pennsylvania’s real estate Recovery Fund?

What happens to you if you’re involved in a case and can’t pay the judgment amount, and the consumer is awarded money from the Guaranty Fund? Your license will be suspended and can’t be reinstated until you pay back the fund plus interest.

What is the maximum amount that will be paid out of the Florida Real Estate Recovery Fund per licensee?

The Commission will not pay more than $50,000 for a single transaction or more than $150,000 for multiple claims against a licensee.

How does a consumer start the process of claiming money from the recovery fund?

The Consumer Recovery Fund is fully funded through a portion of real estate agent licensing fees. After the victim secures a civil judgment, criminal restitution order, or arbitration award against the real estate agent, the process of filing a claim with the fund can begin.

Do I need to collect sales tax for selling online in California?

If you actively sell merchandise in California or are a retailer engaged in business in California, you are responsible for collecting and paying tax on your Internet sales.

What is the sale tax in California?

7.25%
The statewide tax rate is 7.25%. In most areas of California, local jurisdictions have added district taxes that increase the tax owed by a seller. Those district tax rates range from 0.10% to 1.00%. Some areas may have more than one district tax in effect.

What is consumer recovery account ( Dre ) for real estate?

The Department also has the authority to revoke or suspend a license for violations of the Real Estate Law (Section 10000 et seq., of the Business and Professions Code). In addition, the Department administers a victim’s fund, known as the Consumer Recovery Account (Recovery Account).

Where can I apply for Consumer Recovery account?

An application for payment from the Consumer Recovery Account can also be obtained by writing to the Department of Real Estate, Attention Consumer Recovery Account, P.O. Box 137007, Sacramento, CA 95813.

Who is the Attorney General for California Consumer Recovery account?

Whenever a Consumer Recovery Account application matter ends up in court (a refiled application, a writ or a proration), the Department is represented by the California Attorney General’s office to defend the decision to deny or pay the claim or to properly distribute the funds among multiple applicants.

Can a real estate license be revoked due to consumer recovery account?

The suspension of the Agent’s license cannot be lifted until the Consumer Recovery Account is reimbursed the amount paid in full plus 10% interest. In addition, the Agent’s real estate license has been revoked as a result of a disciplinary enforcement action filed by the Department.