What is the maximum award available from the Real Estate Recovery Account per transaction?

The Real Estate Recovery Account provides a mechanism for compensating consumers who have suffered losses due to the misconduct of a licensed real estate professional. The maximum award available from this account per transaction is $20,000. This limit is set to ensure that there are sufficient funds within the account to cover multiple claims while also providing a significant amount for individuals seeking restitution for their losses.

This award is designed to protect consumers and hold real estate agents accountable for their actions. It is important for agents to operate with integrity and professionalism, knowing that consumer protection measures are in place. Understanding the specifics of the maximum award also helps potential clients be informed about their rights and the resources available to them should they face issues related to real estate transactions.