A buyer won a $15,000 judgment against a salesperson. To file a claim against the education, research, and recovery fund, what must the buyer do?

To file a claim against the education, research, and recovery fund after winning a judgment against a salesperson, the buyer must present the judgment to the commission. This process is essential because the recovery fund is designed to help individuals who suffer financial damages due to the actions of licensed real estate professionals. The funds are available to compensate aggrieved parties, not to individual judgment claims against property.

Validating the judgment with the commission enables an assessment of the claim and ensures that the judgment meets the necessary conditions for recovery from the fund. The process usually requires that the claimant be unable to collect the judgment from the licensee personally, which is crucial for the fund's function. While having the property sold might provide the buyer with a different route to recover funds, claiming from the recovery fund is focused on formalizing the judgment and the inability to collect directly from the salesperson.

Understanding this procedure highlights the importance of following specific regulatory processes in real estate transactions, ensuring that stakeholders are protected under state laws.