Card Set Information
real estate recovery fundr
Violations of license law: Penalties and Procedures
Second Degree Misdemeaners
$500 fine/ imprisoned for up to 60 days
Includes false and misleading advertisements
First Degree Misdemeanor
$1000 fine and up imprisonment not to exceed 1 year
Only Rental List Violations
Third degree Felony
fine up $5000 and/or imprisonment of up to 5 years
Practicing without a real estate license
FRECs penalties listed lowest to highest are:
5. revocation or denial
How much of an administrative fine can be imposed by the FREC?
up to $5000 per offense
How long does a licensee have to correct a notice of non compliance violation?
Reimbursement from the real estate recovery fund for a single judgement is ___________ and the maximum reimbursement for multiple judgements is __________.
What are the amounts of the fees paid by licensees to fund the real estate recovery fund?
$3.50/yr license fee for both new licenses and renewals of licenses for brokers.
$1.50/yr for new lecenses and renewals of licenses for sales associates