What must a licensee provide to an injured party in order to access funds from the Real Estate Recovery Fund?

To access funds from the Real Estate Recovery Fund, a licensee must provide proof of a judgment against them. This requirement is in place to ensure that there is a formal legal finding affirming that the licensee has committed a wrongful act that caused harm to the claimant. The existence of a judgment serves as essential documentation, confirming that the injured party has sought and failed to collect the owed damages from the licensee directly, which prompts the eligibility to claim funds from the Recovery Fund as a form of consumer protection.

The importance of this requirement lies in the principle that the Recovery Fund is designed to alleviate losses caused by dishonest actions of licensed real estate professionals. A mere complaint or suspension does not demonstrate that loss has occurred or provide evidence that the licensee is liable for damages. Therefore, having a judgment ensures that the access to the Recovery Fund is based on verified legal proceedings rather than unproven allegations or administrative issues.