Minnesota State Real Estate Practice Test

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Prepare for the Minnesota State Real Estate Test with questions designed for better comprehension. Use flashcards, access multiple choice questions with detailed explanations, and boost your chances of passing successfully.

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What is the maximum amount that may be paid from the Recovery Fund per transaction violation?

$100,000
$250,000
$150,000
$300,000

The correct answer is: $150,000

The maximum amount that may be paid from the Recovery Fund per transaction violation in Minnesota is $150,000. This funding mechanism is designed to protect consumers who suffer financial loss due to malpractice or misconduct by real estate professionals. The Recovery Fund is a safeguard that provides a source of compensation for individuals who have been wronged in transactions involving licensed real estate agents. The specified limit of $150,000 encourages accountability and professionalism within the real estate industry. It reflects the regulatory measures in place to ensure that clients have a recourse if they encounter a loss due to a real estate professional's actions. Understanding this amount is crucial for both real estate practitioners and consumers to navigate their rights and the available protections in the Minnesota real estate market.