Florida Broker Practice Exam

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Prepare for the Florida Broker Exam. Study with interactive quizzes, flashcards, and multiple choice questions that include hints and explanations. Ace your exam and start your real estate career today!

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What is the maximum claim limit per transaction from the Real Estate Recovery Fund?

$25,000
$50,000
$100,000
$150,000

The correct answer is: $50,000

The maximum claim limit per transaction from the Real Estate Recovery Fund is indeed $50,000. This fund is designed to protect consumers who suffer monetary losses because of the actions of a licensed real estate professional. If an individual falls victim to a wrongful act, such as fraud, misrepresentation, or any misconduct by a broker or salesperson, they can seek compensation from this fund. The $50,000 maximum claim limit per transaction ensures that while consumers are provided with a safety net, the fund is also sustainable and can help multiple claimants over time. In addition to this transaction limit, there is also a total limit per individual who seeks recovery from the fund, which can amount to up to $150,000 in total recovery, to further promote fair compensation and protect the financial integrity of the real estate profession in Florida. This structure of limits is crucial for maintaining balance in the real estate market while offering necessary consumer protection.