Utah Code 61-2f-503. Real Estate Education, Research, and Recovery Fund
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Terms Used In Utah Code 61-2f-503
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Division: means the Division of Real Estate. See Utah Code 61-2f-102
- Entity: means :(14)(a) a corporation;(14)(b) a partnership;(14)(c) a limited liability company;(14)(d) a company;(14)(e) an association;(14)(f) a joint venture;(14)(g) a business trust;(14)(h) a trust; or(14)(i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Person: means an individual or entity. See Utah Code 61-2f-102
- Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
(1)(a) There is created an expendable special revenue fund known as the “Real Estate Education, Research, and Recovery Fund.”(1)(b) The actual interest earned on the fund shall be deposited into the fund.
(2) The money in the fund includes:
(2)(a) a fee imposed under Section 61-2f-505 ; and
(2)(b) interest described in Subsection (1)(b) .
(3) The division shall administer the fund to:
(3)(a) reimburse the public for damages caused in a real estate transaction by an individual licensed under this chapter; and
(3)(b) in accordance with Section 61-2f-504 :
(3)(b)(i) investigate violations of this chapter related to fraud, misrepresentation, or deceit; or
(3)(b)(ii) provide revenue for improving the real estate profession through education and research with the goal of making licensees more responsible to the public.
(4) This part applies to damages caused by an individual licensee. Reimbursement may not be made for a final judgment against an entity.
(5) At the beginning of each fiscal year, the division shall make available $100,000 in the fund to satisfy final judgments rendered against a person licensed under this chapter.