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
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
The gross operating income definition is the total income that a real estate development receives from rentals and services before any costs or expenses are subtracted. Gross operating ...
(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...
A fixed asset whose utility is derived from its physical attachment to a property and which usually cannot value or damage. A fixture, under the terms of a lease or other agreement, can be ...
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
Refers to state statues protecting the public against securities frauds of real estate companies. ...
The Principle of conformity states that conformity is achieved when all the entities or objects comply to the same standard, rules or laws. This creates a balance and stability between ...
Style of life emphasizing outdoor activities, amenities, and recreation. Example are campers and barbecues. It is usually on a short-term basis. ...
One tenth of a cent. Mills are a common term in expressing tax rates per dollar of assessed valuation. For example, a property is taxed at the rate of 80 mills. If a property were assessed ...
Have a question or comment?
We're here to help.