(1) Any person who meets all of the conditions prescribed in s. 475.482(1) or (2) may apply to the commission to cause payment to be made to such person from the Real Estate Recovery Fund:
(a) Under s. 475.482(1), in an amount equal to the unsatisfied portion of such person’s judgment or $50,000, whichever is less, but only to the extent and amount reflected in the judgment as being actual or compensatory damages. Except as provided in s. 475.483, treble damages, court costs, attorney’s fees, and interest shall not be recovered from the fund.
(b) Under s. 475.482(2), in an amount equal to the judgment against the broker or sales associate or $50,000, whichever is less.
(2) Upon receipt by a claimant under paragraph (1)(a) of payment from the Real Estate Recovery Fund, the claimant shall assign her or his additional right, title, and interest in the judgment, to the extent of such payment, to the commission, and thereupon the commission shall be subrogated to the right, title, and interest of the claimant; and any amount subsequently recovered on the judgment by the commission, to the extent of the right, title, and interest of the commission therein, shall be for the purpose of reimbursing the Real Estate Recovery Fund.
(3) Payments for claims arising out of the same transaction shall be limited, in the aggregate, to $50,000, regardless of the number of claimants or parcels of real estate involved in the transaction.
(4) Payments for claims based upon judgments against any one broker or sales associate may not exceed, in the aggregate, $150,000.
(5) If at any time the moneys in the Real Estate Recovery Fund are insufficient to satisfy any valid claim or portion thereof, the commission shall satisfy such unpaid claim or portion thereof as soon as a sufficient amount of money has been deposited in or transferred to the fund. When there is more than one unsatisfied claim outstanding, such claims shall be paid in the order in which the claims were approved by the commission. However, if the total claims approved at any one commission meeting exceed the aggregate amount established in subsection (4) against any one broker or sales associate, the claims approved on that day shall be prorated.
(6) All payments and disbursements from the Real Estate Recovery Fund shall be made by the Chief Financial Officer upon a voucher signed by the secretary of the department.
(7) Upon the payment of any amount from the Real Estate Recovery Fund in settlement of a claim in satisfaction of a judgment against a broker or sales associate as described in s. 475.482(1), the license of such broker or sales associate shall be automatically suspended upon the date of payment from the fund. The license of such broker or sales associate may not be reinstated until the licensee has repaid in full, plus interest, the amount paid from the fund. No further administrative action is necessary. A discharge of bankruptcy does not relieve a licensee from the penalties and disabilities provided in this section, except to the extent that this subsection conflicts with 11 U.S.C. s. 525, in which case the commission may order the license not to be suspended or otherwise discriminated against.
Cited 7 times | Published | Supreme Court of Florida | 1992 WL 56478
...subsection 475.482(1), Florida Statutes (1987). The Florida Real Estate Commission awarded the return of the deposits, but denied the claim for attorney's fees. The district court, in affirming the commission's order, held that the restriction in subsection 475.484(1)(a) limiting reimbursement to those amounts "reflected in the judgment as being actual or compensatory damages" precluded the recovery of attorney's fees from the Fund....
...d to brokers or salesmen required by a court of competent jurisdiction to pay money damages because they had previously distributed escrow monies pursuant to an escrow disbursement order issued by the commission. [4] The 1980 amendment also added subsection 475.484(1)(b) [5] to address the limits of recovery under subsection 475.482(2). Unlike subsection 475.484(1)(a), however, subsection 475.484(1)(b) does not limit reimbursement to the amount of "actual or compensatory damages." In 1985 the legislature added subsection 475.483(3) [6] which specifically provided for the recovery of attorney's fees when reimbursement from the Fund is made pursuant to subsection 475.482(2)....
...Accordingly, we approve the district court's decision in the case under review and disapprove Tucker to the extent it conflicts with this opinion. It is so ordered. SHAW, C.J., and OVERTON, BARKETT, GRIMES, KOGAN and HARDING, JJ., concur. NOTES [1] § 475.484(1)(a), Fla....
...475.482(1), in an amount equal to the unsatisfied portion of such person's judgment or $25,000, whichever is less, but only to the extent and amount reflected in the judgment as being actual or compensatory damages[.] [2] The legislature amended subsection 475.484(1)(a), effective October 1, 1988, to add the express restriction that "[e]xcept as provided in s....
...tiff to become involved in litigation with third parties. See generally 22 Am.Jur.2d Damages § 616 (1988). [4] Ch. 80-307, § 3, Laws of Fla. The added subsection read as follows: The Real Estate Recovery Fund shall also be disbursed as provided in s. 475.484, on order of the board, as reimbursement to any broker or salesman who is required by a court of competent jurisdiction to pay money damages due to a distribution of escrow moneys which is made in compliance with an escrow disbursement order issued by the [commission]....
...Flink, 301 So.2d 493, 494 (Fla. 2d DCA 1974). The final judgment against Waddle and Westbay awarded the appellant $22,-428.78, which was the sum paid by the appellant to preserve her equity in her property, together with interest and attorney fees, for a total of $27,971.58. Section 475.484(l)(a) provides that payments from the Fund are limited to actual or compensatory damages in an amount equal to the unsatisfied portion of the judgment or $25,-000, whichever is less, and attorney’s fees and interest shall not be recovered from the Fund in situations such as this....
...t [to] filing a cause of action for
civil relief under Chapters 772 and 812, Florida Statutes.
Thereafter, Rollas filed a Recovery Fund claim with FREC seeking $50,000, the
maximum amount recoverable under the statute. See § 475.484(1)(a), Fla....
...Tucker was also awarded $4,000.00 in punitive damages, but does not appear to argue entitlement to this award from the Fund. The issue in this case is whether or not attorney’s fees and costs are recoverable as “actual or compensatory” damages, pursuant to section 475.484(l)(a)....
...ant to the broker’s contract with appellants. The Real Estate Commission made awards for the deposits lost, but denied the claims for attorney’s fees. Conditions for recovery from the Fund are set out in section 475.482, Florida Statutes (1987). Section 475.484, provides: (1) Any person who meets all of the conditions prescribed in s....
This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.
