How long does a claimant have to file a claim with the recovery fund?

The correct answer is that a claimant has two years to file a claim with the recovery fund. This timeframe is established to ensure that claims are made in a timely manner, allowing for efficient processing and resolution. The limitation helps maintain the fund's integrity and availability for future claims, as well as to encourage claimants to act promptly when they believe they have suffered a loss due to the actions of a licensed real estate professional.

In various regulatory frameworks, specific timelines for filing claims are set to balance the needs of claimants with the need for the fund's sustainable management. A two-year period strikes a reasonable balance that typically allows enough time for individuals to gather necessary documentation and pursue their claims without delaying justice unduly.