Kansas Statutes 58-3067. Real estate recovery revolving fund; recovery from; limitations
Except as provided in subsection (d) of Kan. Stat. Ann. § 58-3068, and amendments thereto, payments from the real estate recovery revolving fund under the provisions of this act shall be subject to the following conditions and limitations:
(a) Payments shall be made only pursuant to an order of a court of competent jurisdiction, as provided in Kan. Stat. Ann. § 58-3071, and amendments thereto, and in the manner prescribed by this act.
Terms Used In Kansas Statutes 58-3067
- Act: means the real estate brokers' and salespersons' license act. See Kansas Statutes 58-3035
- Broker: means an individual, other than a salesperson, who advertises or represents that such individual engages in the business of buying, selling, exchanging or leasing real estate or who, for compensation, engages in any of the following activities as an employee of, or on behalf of, the owner, purchaser, lessor or lessee of real estate:
(1) Sells, exchanges, purchases or leases real estate. See Kansas Statutes 58-3035
- Commission: means the Kansas real estate commission. See Kansas Statutes 58-3035
- Interest: means : (1) Having any type of ownership in the real estate involved in the transaction; or (2) an officer, member, partner or shareholder of any entity that owns such real estate excluding an ownership interest of less than 5% in a publicly traded entity. See Kansas Statutes 58-3035
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Real estate: means any interest or estate in land, including any leasehold or condominium, whether corporeal, incorporeal, freehold or nonfreehold and whether the real estate is situated in this state or elsewhere, but does not include oil and gas leases, royalties and other mineral interests, and rights of way and easements acquired for the purpose of constructing roadways, pipelines, conduits, wires and facilities related to these types of improvement projects for private and public utilities, municipalities, federal and state governments, or any political subdivision. See Kansas Statutes 58-3035
- Salesperson: means an individual, other than an associate broker, who is employed by a broker or is associated with a broker as an independent contractor and participates in any activity described in subsection (f). See Kansas Statutes 58-3035
(b) Payments for claims arising out of the same transaction shall be limited in the aggregate to $15,000, irrespective of the number of claimants or parcels of real estate involved in the transaction.
(c) Payments for claims based upon judgments against any one licensed broker or salesperson shall not exceed in the aggregate $30,000 within any calendar year, but in no event shall payments for claims based upon judgments against any one licensed broker or salesperson exceed in the aggregate $50,000.
(d) If, at any time, the moneys in the real estate recovery revolving fund are insufficient to satisfy any valid claim, or portion thereof, the director of the commission shall satisfy such unpaid claim or portion thereof, as soon as a sufficient amount of money has been credited to the fund as provided in subsection (b) of Kan. Stat. Ann. § 58-3066, and amendments thereto. If there is more than one such claim outstanding, such claims shall be paid in the order that they were made. Any such unsatisfied claim, or portion thereof, shall accrue interest at the rate of 4% per annum.