What is the maximum sum the Commissioner will pay from the fund against a licensee under the accelerated claims process?

The maximum sum the Commissioner will pay from the fund against a licensee under the accelerated claims process is set at $50,000. This amount is specifically designed to expedite the claims process for consumers who have experienced financial loss due to the misconduct of a licensed real estate professional.

The accelerated claims process aims to provide faster relief to claimants, allowing them to receive compensation without the lengthy litigation process typically associated with real estate disputes. By establishing a cap of $50,000 per licensee, the program ensures that there is a reasonable limit on the liability of the fund while also providing meaningful recourse for those affected.

Understanding this amount is essential for both licensees and consumers, as it defines the potential financial exposure for licensees who may be involved in claims against them while also guiding consumers on what they might expect in terms of financial recourse.