How much would a licensed real estate salesperson have to pay into the Real Estate Recovery Fund at the next renewal when the reserve falls below $600,000?

A licensed real estate salesperson would need to pay $10 into the Real Estate Recovery Fund at the next renewal if the reserve falls below $600,000. This fund serves as a safety net for consumers who have experienced financial losses due to the actions of a licensed real estate professional. To maintain this reserve amount, the law mandates that when the fund dips below the specified threshold, real estate licensees contribute a certain fee upon renewal.

Understanding the dynamics of the Real Estate Recovery Fund is crucial for real estate professionals in Arizona, as it reinforces the importance of ethical conduct in real estate transactions while also ensuring that there are resources available for consumer protection. The specific contribution of $10 reflects the need to replenish the fund effectively without imposing a burdensome financial requirement on the professionals contributing to it.