This fund is inactive. Please see the notes section for further information regarding the inactive status. Recently inactivated funds may remain active in USAS for a period of time to complete outstanding transactions or for other accounting purposes.
| Issue Date: | |
|---|---|
| Revised Date: | 2024-01-01 |
Legal Cites
- Occupations Code sec. 1101.601
Origin:
May 19, 1975 by S.B. 344, 64th Leg., R.S.
Purpose
To receive monies collected by specified fees from real estate brokers and salesperson licensed by the state for the purpose of reimbursing aggrieved persons who suffer monetary damages by certain acts committed by licensed real estate broker, salesperson or by one of their unlicensed employees. Recovery must be ordered by a court against the registrant, broker or salesperson. Amounts in the fund may be invested and reinvested in the same manner as funds of the Texas State Employees Retirement System, with earnings deposited to the fund.
| Classification | Group 13: Local Trust [?] |
|---|---|
| Depository Interest | Retained in fund. |
| Disposition of Balance | Accumulative. On Dec. 1, transfer the excess above $3.5 million or the total amount of claims paid during the preceding four fiscal years (whichever is greater), to General Revenue. |
| Appropriation Technique | Not appropriated. |
Administering Agencies
Note
Texas Real Estate Commission, Agency 329, became a self-directed, semi-independent agency. All funds held with Texas Treasury Safekeeping Trust Company per S.B. 1000, 82nd Leg., R.S., effective 9-1-11.
S.B. 1577, 88th Leg., R.S. repealed the minimum $1 million and maximum $3.5 million balances of the Real Estate Recovery Fund 0971. Effective 1/1/2024.
USAS Values
| USAS Title | REAL ESTATE RECOVRY TRUST ACCT |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | I |