law

Real Estate Guaranty Fund (New Jersey)

New Jersey's last-resort fund (N.J.S.A. 45:15-34 et seq.), administered by the Commission, that compensates people whose money or property a licensee, or a broker's unlicensed employee, embezzled, converted or unlawfully obtained. New licensees contribute once: $10 for salespersons and referral agents, $20 for brokers and broker-salespersons. The claimant must win a civil judgment, try to collect, and then apply to the court. The fund pays up to $20,000 per transaction, shared among claimants. Payment revokes the license until the fund is repaid with interest.