Question 30

A claimant must submit proof of loss to the Real Estate Commission.

To qualify for payment from the Real Estate Guaranty Fund, a claimant is required to submit proof of loss to the Real Estate Commission, demonstrating that trust funds were misappropriated by a licensee.

A) obtain a civil judgment and file a criminal complaint against the offending licensee.

This option is incorrect because obtaining a civil judgment and filing a criminal complaint are not prerequisites for payment from the Real Estate Guaranty Fund. The process focuses on the submission of proof of loss rather than legal actions taken against the licensee.

B) have an attorney file a proof of claim with the Superior Court.

This option is also incorrect as the process does not necessitate having an attorney file a proof of claim with the Superior Court. Instead, the claimant must directly submit proof of loss to the Real Estate Commission.

C) file an application for recovery with the Attorney General.

This choice is incorrect because filing an application for recovery with the Attorney General is not part of the required steps for accessing the Real Estate Guaranty Fund. The correct process involves providing proof of loss to the Real Estate Commission.

D) submit proof of loss to the Real Estate Commission.

This option is correct as it directly addresses the requirement for claimants seeking compensation from the Real Estate Guaranty Fund. The submission of proof of loss is essential to validate the claim related to misappropriated trust funds.

Conclusion

The correct answer is D, as it accurately reflects the requirement for claimants to submit proof of loss to the Real Estate Commission to qualify for payment from the Real Estate Guaranty Fund. Options A, B, and C fail to meet this requirement, focusing instead on unrelated legal processes that do not contribute to the recovery from the Fund.