law

Real Estate Education and Recovery Account (Tennessee)

Tennessee's Real Estate Education and Recovery Account, funded by licensee fees, pays consumers who obtain a court judgment for actual or compensatory damages caused by a licensee's violation of the Act or rules. The claimant must notify the Commission in writing within 30 days after the lawsuit begins. Limits are $15,000 per transaction regardless of how many people were harmed and $30,000 total per licensee, excluding interest and court costs. A licensee acting as agent in the transaction cannot claim. The Commission must keep a $500,000 minimum balance.