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Real Estate Commission approves two guarantee-fund payouts, including $25,000 buyer claim
Summary
The Real Estate Commission approved two claims from its guarantee fund: a $25,000 payment related to a default judgment in a home-sale disclosure case and a $1,405 payment for an unpaid security-deposit judgment. Commissioners discussed unsatisfied writs of execution and potential enforcement against brokers and salespeople.
At a meeting of the Real Estate Commission, commissioners approved two guarantee-fund claims: $25,000 for a buyer’s judgment in a disclosure case and $1,405 for a security-deposit judgment.
The guarantee fund pays claimants when court judgments against licensed brokers or salespeople cannot be collected. Commissioners reviewed court judgments, writs of execution returned “unsatisfied,” and supporting documents before voting to authorize the payouts.
Commission staff said the first application came from a purchaser, identified in the record as Mr. Layton, who obtained a default judgment after the seller and a broker failed to respond to pleadings. Staff described the central allegation as a material nondisclosure in the property condition…
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