What is the fund established to reimburse individuals harmed by a broker's actions called?

The fund established to reimburse individuals harmed by a broker's actions is called the Real Estate Recovery Fund. This fund is specifically designed to provide financial compensation to victims who have suffered losses due to the fraudulent or dishonest actions of a licensed real estate broker. It serves as a consumer protection measure, ensuring that individuals can recover some of their losses should they be wronged in a real estate transaction.

The Real Estate Recovery Fund is typically financed through fees paid by real estate licensees, helping to create a safety net for consumers in the real estate market. Its existence underscores the regulatory responsibilities of brokers to conduct their business ethically and protects consumers from potential financial harm.

Other options, like the Real Estate Penalty Fund, Florida Enforcement Fund, and Broker Liability Fund, do exist within various frameworks but do not specifically pertain to the reimbursement aspect related to consumer harm caused by broker actions in real estate transactions. Thus, the designation of the Real Estate Recovery Fund accurately captures the purpose and function needed to protect individuals in their dealings with brokers.