If an owner has experienced a "loss" due to their broker's "fraudulent misrepresentation," they should first take legal action against the broker. If they are successful in court but unable to get the money they are owed, they can apply to the Real Estate Recovery Fund to receive compensation.
These are questions that the above text answers:
1. What should an owner do if they have experienced a loss due to their broker's fraudulent misrepresentation?
2. What is the purpose of the Real Estate Recovery Fund?
3. Who can apply to the Real Estate Recovery Fund for compensation?
4. What type of action should an owner take against their broker if they have experienced a loss?
5. What is the role of the court in cases of fraudulent misrepresentation by a broker?
6. What happens if an owner is successful in court but unable to receive the money they are owed?
7. Can an owner receive compensation from the Real Estate Recovery Fund without taking legal action against their broker?
8. Is the Real Estate Recovery Fund available for all types of losses or only those caused by fraudulent misrepresentation?
9. Are there any requirements or qualifications for applying to the Real Estate Recovery Fund?
10. How does the Real Estate Recovery Fund provide compensation to eligible applicants?