What is the maximum sum payable by the recovery fund against a claimant, per transaction?

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The maximum sum payable by the recovery fund against a claimant, per transaction, is indeed set at $150,000. This amount is established to protect consumers who may suffer losses due to certain wrongful actions committed by real estate professionals, such as fraud, misrepresentation, or other violations of real estate laws.

The recovery fund serves to reassure consumers that there is a financial safety net in place, promoting confidence in real estate transactions. A cap of $150,000 per claimant per transaction strikes a balance between providing sufficient protection while limiting the potential liability for the fund, ensuring its sustainability.

Understanding this figure is crucial for real estate professionals in Minnesota, as they need to be aware of the protections afforded to consumers and the potential liabilities they may face in their transactions.

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