What is the maximum liability of the real estate education and recovery account for a transaction?

The maximum liability of the real estate education and recovery account for a transaction is set at $15,000. This amount represents the cap that the account will cover for any monetary judgment made against a licensed real estate professional in Tennessee. Understanding this limit is crucial for consumers as it provides them with a safeguard in cases where they have suffered monetary loss due to the actions of a real estate licensee. The purpose of this account is to protect consumers and ensure they have recourse in the event of fraud or misrepresentation in real estate transactions. Knowing this maximum liability can help individuals make informed decisions when dealing with real estate professionals in Tennessee.