A buyer sued a real estate salesperson for fraud in a real estate transaction and received a judgement in the amount of $15,000. The salesperson owns a cabin in Georgia valued at $10,000, free and clear. For the buyer to file a claim against the Real Estate Education, Research, and Recovery Fund he must:
A. Inform the Real Estate Commission about the property the sales person owns so the Commission may take legal action.
B. File a lien on the property in the amount of $10,000.
C. Present the judgement to the Real Estate Commission for $ 15,000.
D Have a property levied upon,and file a claim against the Real estate Education, research, and Recovery Fund for the balance remaining to satisfy the judgement.
Answer: D Have a property levied upon,and file a claim against the Real estate Education, research, and Recovery Fund for the balance remaining to satisfy the judgement.
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Under the Securities Act of 1933, an issuer that makes an initial offering of securities must give a prospectus to each potential investor. Which of the following violates federal securities laws and regulations?
A. The prospectus is not physically delivered. B. An issuer continues to publish forward-looking information. C. Any issuer may communicate a free-writing prospectus at any time. D. Any issuer may continue to communicate fact-based business information not intended for investment purposes.
An illusory promise can be defined as a ________
A) contract providing that only one of the parties need perform, only if he or she chooses to do so B) contract not supported by consideration since the promise is supported by an illegal act C) promise that lacks consideration since the person promises to perform an act or do something she already has an obligation to do D) contract based on love and affection