Utah Personal Lending and Mortgages (PLM) Certification Practice Test

The limit of payment from the Division of Real Estate's Recovery Fund per violation is $15,000. This fund is established to protect consumers in real estate transactions and provides a financial remedy for individuals who have suffered losses due to wrongful acts or misconduct by licensed real estate professionals. Understanding this limit is essential for both consumers and professionals in the real estate industry, as it highlights the protections available to consumers when dealing with potential violations.

The specified amount reflects the regulatory measures in place designed to ensure accountability in real estate practices while providing a safeguard for those who may be wronged in transactions. Knowing the correct limit helps stakeholders navigate legal requirements effectively and emphasizes the importance of ethical conduct within the industry.