What is the maximum amount a consumer can receive from the Illinois Real Estate Recovery Fund?

The maximum amount a consumer can receive from the Illinois Real Estate Recovery Fund is $100,000 per transaction. This fund is designed to provide protection to consumers who suffer financial loss due to the wrongful acts of licensed real estate professionals, such as fraud, misrepresentation, or other unethical behaviors. The cap on the payout ensures that the fund remains viable to assist multiple consumers over time while offering significant financial support to those who have been wronged in real estate transactions.

Understanding this amount is crucial for both consumers and real estate professionals, as it underscores the importance of ethical conduct in the industry. Consumers can feel more secure in their transactions knowing there is a safety net, while brokers are reminded of their responsibility to act in their clients' best interests. This limit is a regulatory measure that balances consumer protection with the fiscal integrity of the Recovery Fund.