To receive payment from the Real Estate Recovery Fund, what must a damaged citizen do?

To receive payment from the Real Estate Recovery Fund, a damaged citizen must file suit and obtain a court judgment against a licensee. This requirement is established to ensure that there is a formal legal recognition of the damages caused by the licensee's actions. By obtaining a court judgment, the claimant demonstrates that they have pursued legal remedies and that the licensee is liable for the damages.

This process serves as a means of protecting the fund from frivolous claims, ensuring that only those who have legitimately suffered losses as a result of unlawful acts by a real estate licensee can access compensation. The requirement for a judgment also ensures there is a clear, documented basis for any claim made against the fund, establishing a direct connection between the wrongdoing of the licensee and the losses suffered by the claimant.

Other choices involve steps that do not directly lead to compensation from the Recovery Fund. For instance, filing an irrevocable consent with the Commission or applying to the State Treasury and the Division are not established processes for accessing funds. Similarly, appealing to the Attorney General does not relate to the recovery of damages in this context, as the involvement of the Attorney General typically addresses broader legal matters rather than individual claims against licensees in real estate transactions.