The Real Estate Recovery Fund must have a minimum balance of $600,000 by which date?

The Real Estate Recovery Fund in Arizona is required to maintain a minimum balance to ensure it can cover claims made against real estate licensees. This requirement helps protect consumers who may suffer financial losses due to a licensee's actions. The minimum balance is set at $600,000, and the deadline for achieving this balance is June 30. This date is significant as it marks the end of the state’s fiscal year, making it a benchmark for financial assessments of the fund. Establishing a clear timeframe for compliance helps in better financial planning and accountability for the fund's administration, ensuring that resources are available to satisfy claims throughout the following year.