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Georgia Real Estate Education, Research and Recovery Fund

A fund under O.C.G.A. §43-40-22 that compensates people who cannot collect a judgment against a licensee for fraud, misrepresentation, deceit, or conversion of trust funds, and that also supports education and research. The claimant sues within two years, obtains a judgment, tries to collect, and gives GREC 30 days' written notice before seeking a court order. Payouts are capped at $25,000 per transaction and $75,000 per licensee. The licensee's license is automatically revoked when payment is authorized.