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
Range reconnaissance, or surveying, for the purpose of preparing grazing capacity estimates. There are two parts to a range survey: mapping of grazing cover varieties and associated ...
A report required by the Interstate Land Sale Act for the sale of subdivisions having 50 or more lots. It is filed with the Federal Department of Housing and urban Development's Office of ...
Return earned on an investment over a given time period. It includes two basic components- the current yields, such as rental income and capital gains, or losses in property values. It is ...
Roof design having two different pitches. See also gambrel roof. ...
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in ...
Charm, ambiance and allure of a city that becomes its overall unique appeal. For example, San Francisco's character includes its large artistic community and cable cars. ...
The net leasable area is all the leasable area of a given building exclusive of non-leasable space such as hallways, building foyers, rooms devoted to heating, air conditioning, elevators, ...
Right of any government agency to enact and enforce certain regulations to provide for the health and safety and general welfare of the public. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Have a question or comment?
We're here to help.