FRECI_6-8 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 6 – Lecture 8 Violations, Penalties, and Procedures Copyright, 2004 2 Lecture Preview What will you learn from this lecture? All about the Real Estate Recovery Fund Copyright, 2004 3 Vocabulary Terms Compensatory damages Final judgment Copyright, 2004 4 Real Estate Recovery Fund Purpose: To offer compensatory damages to members of the public who were parties to a real estate transaction in Florida and who suffered monetary damages by the actions of a real estate licensee involved in that real property transaction Copyright, 2004 5 Eligibility for Compensation From the Fund Be a current, active licensee in Florida Not be a party to the transaction as buyer, seller, or tenant Have acted solely in the capacity of a real estate licensee in the transaction The licensee who handled the real estate transaction must: OK if petitioner is a Florida licensee provided they did not act in the capacity of a licensee
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FRECI_6-8 - Lecture Preview Florida Real Estate Commission...

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