Recovery Fund
Definition of "Recovery fund"
A fund constituted in certain states to compensate aggrieved individuals who incurred losses in a real estate transaction associated with a licensed real estate broker or agent. Normally, in states having a recovery fund, licensed real estate brokers and agents are assessed a charge as a part of their registration fee which is contributed to the recovery fund. Following an investigation and hearing, if the state's real estate commission awards a settlement to a complainant, the recovery fund's assets are debited should the implicated real estate broker or agent fail to provide a recovery.
Popular Real Estate Terms
Rental in which the lessee obtains major property rights. Although not legally a purchase of property, theoretical substance governs over legal form and requires that the leased property be ...
A developer is a person that designs or creates something that could be a concept, structure, product or service. An idea can be turned into something real, tangible and the person that ...
(1) Agreement to sell real estate with a pre-arranged reverse but at an established price. This may not be legal in some instances, and any resulting losses may not be tax deductible. (2) ...
Day the attachment of property under a judicial order becomes effective. ...
Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. These expenditures include ...
A house having stucco or brick siding mixed with some wood. The house usually is two or more stories. ...
Housing projects specifically designed to meet the community needs of the increasing number of individuals who are largely retired, having no small children. Adult communities are found ...
A detailed list of property. The goods of a business, such as houses by a builder. ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Have a question or comment?
We're here to help.