law

Florida Real Estate Recovery Fund

A fund under ss. 475.482-475.484, F.S., that reimburses people who hold a Florida court judgment for monetary damages caused by an individual licensee's violation of s. 475.25 or 475.42 and cannot collect. The licensee must have held an active license and acted solely as a licensee, not as buyer or seller. Claimants notify FREC by certified mail when suing and file within two years (never more than four). Limits are $50,000 per transaction and $150,000 per licensee. Payment automatically suspends the license until repaid with interest.