What is the maximum amount that may be paid from the Indiana Real Estate Recovery Fund for each violation?

The maximum amount that may be paid from the Indiana Real Estate Recovery Fund for each violation is indeed $20,000. This fund is established to provide financial relief to consumers who have suffered losses due to the wrongful acts of real estate licensees, such as fraud, misrepresentation, or other violations of real estate laws. The purpose of the fund is to protect consumers and maintain confidence in the real estate industry.

The specific amount of $20,000 aligns with the state regulations governing the Recovery Fund. This figure reflects an effort to balance the interests of consumers needing restitution while also managing the sustainability of the fund itself. The Recovery Fund can serve as a crucial safety net for those affected by unethical practices in real estate transactions.

Overall, understanding the limits of the Indiana Real Estate Recovery Fund is important for real estate professionals and consumers alike, as it outlines the protections available for individuals who may find themselves facing financial hardships due to the actions of a licensed real estate broker or agent.