What is the maximum Recovery Fund liability per licensee?

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Prepare for the Utah Mortgage PLM Exam. Study with flashcards and multiple choice questions, with each question providing hints and explanations. Gear up for test day!

Multiple Choice

What is the maximum Recovery Fund liability per licensee?

Explanation:
Recovery Fund liability per licensee is the maximum amount the fund will reimburse for losses caused by a single licensee. In Utah, that cap is $45,000. This means, regardless of how many claimants are involved or how large the total losses are, the fund will pay at most $45,000 for that licensee’s misconduct. If total damages exceed that amount, the remaining loss must be pursued through other remedies. For example, multiple claimants totaling more than $45,000 would still stop at $45,000 combined from the Recovery Fund, and a single claimant seeking $60,000 would receive up to $45,000. The other figures listed do not reflect the current limit.

Recovery Fund liability per licensee is the maximum amount the fund will reimburse for losses caused by a single licensee. In Utah, that cap is $45,000. This means, regardless of how many claimants are involved or how large the total losses are, the fund will pay at most $45,000 for that licensee’s misconduct. If total damages exceed that amount, the remaining loss must be pursued through other remedies. For example, multiple claimants totaling more than $45,000 would still stop at $45,000 combined from the Recovery Fund, and a single claimant seeking $60,000 would receive up to $45,000. The other figures listed do not reflect the current limit.

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