What are the fees for the recovery fund?

The fees associated with the recovery fund are structured to support the financial health of the fund, which is designed to provide compensation to those who have been harmed by the actions of real estate professionals in Minnesota. The initial fee is set at $30, which serves as a one-time contribution made by licensed real estate professionals when they first apply for their licenses. The renewal fee of $20 is charged to help maintain the fund and ensure that it remains solvent and capable of addressing any claims that may arise.

This fee structure reflects a balance between ensuring sufficient funds are available for potential claims while being manageable for real estate professionals in terms of ongoing costs related to their licenses. It’s essential for professionals to be aware of these fees as they play a critical role in the state's regulatory framework, designed to protect consumers in the real estate market.