What is the maximum recovery amount from the real estate recovery fund for someone defrauded by an unlicensed individual posing as a real estate broker?

The correct answer is that a person defrauded by an unlicensed individual posing as a real estate broker is not eligible for recovery from the real estate recovery fund. The real estate recovery fund is designed to provide compensation for losses resulting from the actions of licensed real estate brokers and salespersons who violate license laws or engage in fraudulent activity while conducting their licensed business. Since the individual in question is unlicensed, the recovery fund does not apply, and thus no compensation is available.

This understanding emphasizes the importance of dealing with licensed professionals when engaging in real estate transactions, as the protections afforded by the recovery fund are specifically tailored to licensed individuals who are under the jurisdiction of the Indiana Real Estate Commission.