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Can the Real Estate Commission assist persons whose funds have been fraudulently taken by a real estate agent?

April 26, 2017agent assist Commission fraudulently funds persons Real Estate

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Can the Real Estate Commission assist persons whose funds have been fraudulently taken by a real estate agent?

2 Answers

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Persons who give downpayments, earnest money deposits and other trust monies to licensed real estate brokers to be held pending the completion of real estate transactions, and whose funds are converted or embezzled by the broker, may, under certain specific conditions, receive compensation from a Real Estate Recovery Fund which is maintained by the Commission. (For information concerning the procedures and requirements for receiving payment from the Recovery Fund, interested persons should contact the Real Estate Commission s Legal Services Division.

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Persons who give downpayments, earnest money deposits and other trust monies to licensed real estate brokers to be held pending the completion of real estate transactions, and whose funds are converted or embezzled by the broker, may, under certain specific conditions, receive compensation from a Real Estate Recovery Fund which is maintained by the Commission.