What is true regarding the Indiana Real Estate Recovery Fund?

The Indiana Real Estate Recovery Fund is designed to protect consumers who have suffered losses due to the actions of a real estate licensee. When the balance of the fund falls below a specified threshold, in this case, $450,000, surcharges may be imposed on licensees to replenish the fund. This ensures that there are sufficient resources available to address claims made against licensees, thereby maintaining the integrity of the real estate profession and providing consumer protection.

Understanding this function clarifies why the assertion regarding assessments of surcharges is accurate. When the fund balance is under $450,000, it triggers the need for additional contributions from active licensees to restore the fund's financial health.

In terms of the other options, licensees are not exempt from surcharges when the fund balance is low; assessments do happen, particularly during renewal times, and while the fund is overseen by the Indiana Real Estate Commission, its operations are subject to regulations and oversight, meaning it is not entirely independent of the commission.