What is the maximum monetary amount that can be recovered from the Real Estate Recovery Fund for a single transaction?

The maximum monetary amount that can be recovered from the Real Estate Recovery Fund for a single transaction is $20,000. This reflects the fund's role in protecting consumers from financial loss due to wrongful acts by licensed real estate professionals. The Recovery Fund is designed to compensate individuals who suffer damages as a result of a real estate transaction that involved dishonest or negligent behavior by a real estate licensee. By setting a maximum limit of $20,000 for a single transaction, the fund aims to balance consumer protection with the sustainability of the fund itself, ensuring that it can continue to assist future consumers while providing a reasonable cap to claims against real estate practitioners.