What is the primary purpose of the Florida Real Estate Recovery Fund?

The primary purpose of the Florida Real Estate Recovery Fund is to reimburse individuals or entities for monetary damages incurred due to the fraudulent or wrongful acts of a licensed real estate professional. This fund serves as a financial safety net, providing compensation to consumers who may have suffered losses due to a licensee's actions, such as misrepresentation, fraud, or breaches of fiduciary duty. It aims to enhance consumer protection within the real estate industry and foster trust in real estate transactions by ensuring that there is recourse for individuals who experience financial harm through unethical practices of real estate professionals. The fund is not intended to penalize brokers, fund education programs, or primarily collect fees from licensees; rather, its focus is solely on compensating aggrieved parties.