Nova Scotia Real Estate Salesperson Practice Questions - Nova Scotia Real Estate Salesperson Licensing Exam

What is the purpose of the Real Estate Recovery Fund administered by the Commission?

To compensate licensees for unpaid commissions by bankrupt clients. To compensate members of the public who suffer financial loss due to a licensee's fraud or breach of trust. To help buyers cover down payments under provincial housing initiatives. To bail out real estate brokerages facing insolvency.

Correct Answer:

To compensate members of the public who suffer financial loss due to a licensee's fraud or breach of trust.

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