Upon what basis can a consumer claim compensation from the real estate recovery fund?

A consumer can claim compensation from the real estate recovery fund specifically for losses that result from the misconduct of a real estate licensee. This misconduct typically involves actions such as fraud, misrepresentation, or other unethical behavior that leads to financial loss for the consumer in a real estate transaction.

The real estate recovery fund serves as a financial safety net for individuals adversely affected by such actions, ensuring that they have a means to recover some of their losses. This system aims to maintain public trust in the real estate profession by providing a pathway for consumers to seek redress when they have been wronged by a licensed agent or broker.

Other options, such as claiming compensation for minor inconveniences, competition in the market, or changes in market value, do not fall under the specific provisions of the real estate recovery fund. These scenarios are either too subjective or relate to normal fluctuations and experiences in the real estate market, rather than misconduct that warrants compensation from the fund.