law
Real Estate Education, Research and Recovery Fund (South Dakota)
South Dakota's Real Estate Education, Research and Recovery Fund pays consumers holding an uncollectible final judgment against a licensee based on fraudulent, deceptive, or dishonest practices or conversion of trust funds in a licensed transaction. The claimant files a verified application in Hughes County circuit court. It pays only actual and direct loss, up to $15,000 per person and $15,000 in the aggregate per licensee. Payment automatically suspends the license until repaid with interest, and bankruptcy does not excuse repayment. A balance below $100,000 triggers an extra licensee fee.
- Exam tip
- '15 for you, 15 for all, 100 on the floor.' Both claimants in one case share the single $15,000 aggregate cap for that licensee.
- Example
- A buyer ($28,000) and seller ($12,000) both win judgments against one associate; together they can receive no more than $15,000 from the fund.
Related terms & state variants
Sources
Source verification pending. Confirm current requirements with your state regulator.
Last verified: 2026-10-23