Surety
Fund Information
The
Real Estate
Surety Fund
was established
to reimburse
consumers
for financial
loss in a
real estate
transaction
because of
a licensee’s
fraud, deceit,
intentional
misrepresentation
or conversion
of trust
funds.
Individuals
who wish
to file a
Surety Fund
Claim for
Payment must
complete
the appropriate
form and
pay the $250
filing fee.
It is up
to the claimant
to prove
the claim.
Each party
has the right
to be represented
by an attorney.
However,
there is
no reimbursement
of legal
fees incurred
in filing
and pursuit
of a claim,
whether or
not it is
paid.
Claims are
forwarded
to an Administrative
Law Judge
who will
schedule
and conduct
the administrative
hearing.
The length
of time required
to schedule
and conduct
a hearing
varies according
to the complexity
of the issues,
the number
of responses
invited,
and the workload
of the Commission.
Every attempt
is made to
process each
claim as
expeditiously
as possible.
Filing a
surety claim
does not
prevent a
person from
also filing
a lawsuit
in Civil
Court. When
a lawsuit
is filed,
the surety
claim is
held in abeyance
until the
court case
is completed.
The law prevents
double recovery;
therefore,
payment through
the court
may
extinguish
the claim.
For further
information
about the
requirements
for filing
a surety
claim, please
consult an
attorney
or talk with
staff at
the Real
Estate Commission.
