Real Estate Appraisers Regulation Fund - Licensing And Certification Of Real Estate Appraisers - Business & Professions - CA

Section § 11410

This law establishes the Real Estate Appraisers Regulation Fund, which collects money from fees and assessments related to real estate appraising. If any of this money is transferred to the General Fund, it will earn interest at the rate used for pooled state investments, despite other existing rules.

The Real Estate Appraisers Regulation Fund is hereby created in the State Treasury to consist of moneys raised by fees and assessments imposed pursuant to this part. Interest shall be paid at the pooled money investment rate on all money transferred to the General Fund from the Real Estate Appraisers Regulation Fund, notwithstanding the provisions of Section 16310 of the Government Code.

Real Estate Appraisers Regulation Fund fees and assessments pooled money investment rate

Section § 11411

This law requires the Real Estate Appraisers Regulation Fund to have two separate accounts: one for managing administrative tasks and another for recovery purposes. Starting January 1, 2003, 5% of the fees collected for licenses and certificates must be allocated to the Recovery Account. The Recovery Account is set up to ensure there are funds specifically for implementing the provisions of this law.

There shall be separate accounts in the Real Estate Appraisers Regulation Fund for purposes of administration and for purposes of recovery. These accounts shall be known respectively as the Administration Account and the Recovery Account. On and after January 1, 2003, 5 percent of the amount of any license or certificate fee collected under this part shall be credited to the Recovery Account. The Recovery Account is a continuing appropriation for carrying out this chapter.

Real Estate Appraisers Regulation Fund Administration Account

Section § 11412

The law requires the director to assess by January 1, 2002, how many fraud-related complaints might qualify for compensation similar to the Real Estate Recovery Fund. This will help decide if a special account for real estate appraisers is needed. By January 1, 2004, regulations must be in place for managing this account, setting rules for claims and funding like those for the existing Real Estate Recovery Fund. Also, any claims that arise before the account is officially created won't be subject to time limits until the fund is set up.

(a) On or before January 1, 2002, the director shall determine the number of complaint cases containing judicial findings of fraud that may be eligible for recovery pursuant to future regulations that are closely analogous to those which have been adopted for the Real Estate Recovery Fund established in Chapter 6.5 (commencing with Section 10470) of Part 1. This information shall be used by the director to determine whether a real estate appraiser Recovery Account is necessary or whether to recommend that it should be eliminated.

(b) On or before January 1, 2004, regulations shall be adopted for administration of the Recovery Account, which shall include claims, funding, and administrative procedures closely analogous to those which have been adopted for the Real Estate Recovery Fund established in Chapter 6.5 (commencing with Section 10470) of Part 1.

(c) The statute of limitations for claims against the fund arising between the effective date of this part and the creation of the fund shall be tolled until the date the fund is created.

real estate appraiser Recovery Account judicial findings of fraud complaint cases