13. Amy, Bruce, Cory, and Dale purchase an apartment building together. The sale is negotiated by Broker Eric. When the four buyers learn that Eric fraudulently misrepresented important information about the property, they sue him and win a judgment of $60,000. Because Eric is insolvent and cannot pay the judgment, the buyers apply to the real estate Recovery Account for reimbursement. How much will each buyer receive?
- Question #13
- Answer: A
- Explanation: Although the judgment is for $60,000, the Recovery Account only pays up to $20,000 per transaction. The $20,000 will be split equally among the buyers, so each will receive $5,000.