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
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How much of an investment made in real estate has been recovered expressed in dollars or in percentage terms. ...
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fee to use a bridge or tunnel. Fee assessed to use someone else's property. ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
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Guarantee by a seller to a buyer to satisfy, for a specified time period, problems in the quality or performance of items within the home. There is usually no additional charge during the ...
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