What happens if a client sues an agent or broker and wins, but the license holder can’t pay the awarded damages? Clients who find themselves in that situation can apply to the Texas Real Estate Commission, which maintains two “funds of last resort” to cover out-of-pocket damages.
The Real Estate Recovery Trust Account 赔偿经纪人造成的损失, 销售代理, 地役权/通行权代理, 或者执照持有者的雇员. 付款上限为50美元,000 per transaction with a maximum of $100,000 per license holder for multiple transactions.
The Real Estate Inspection Recovery Fund 赔偿检查员造成的损害. 付款不得超过12美元,500 per transaction with a maximum of $30,000 per license holder for multiple transactions.
Only certain conduct qualifies for reimbursement:
- Recovery trust account criteria includes when a license holder engages in misrepresentation, 不诚实, 或者在销售时欺诈, 购买, 交易, or leasing real property in their own name, 或者是他们的配偶, 父母, 兄弟姐妹, 或孩子. Other criteria include negligence or incompetence, 不诚实或恶意的行为, and material misrepresentation concerning a significant defect known to the license holder that would be a significant factor to a reasonable and p粗鲁的nt buyer in making a decision to purchase real property.
- Inspection recovery fund criteria includes negligence and accepting an assignment if the employment or a fee is contingent on reporting a specific, predetermined condition of the improvements to real property or specific findings other than what the inspector knows to be true when the assignment is accepted. Acting in a dishonest or fraudulent manner, or in a dual capacity as inspector and undisclosed principal or broker/sales agent, 也有资格.
Real estate consumers who seek TREC funds must take several legal steps before applying. They must file suit within two years of the events of the claim, receive a final judgment against the license holder for damages, obtain and file an abstract of judgment, and obtain a writ of execution demanding payment. Consumers may only apply if the license holder does not have the funds required to pay the damages.