What is the main purpose of the Real Estate Assurance Fund?

The primary function of the Real Estate Assurance Fund is to reimburse the public for losses incurred due to fraudulent acts committed by licensed real estate professionals. This fund serves as a safety net, ensuring that consumers who have been victims of unethical behavior, such as misrepresentation or fraud by real estate agents, can receive compensation for their financial losses. By providing this protection, the Assurance Fund helps to maintain public confidence in the real estate profession, ensuring that individuals can engage in real estate transactions with greater peace of mind.

In contrast, while the fund indirectly addresses industry conduct, its main focus is not to penalize fraud or support industry members. Establishing trust funds is not a primary purpose of the Assurance Fund either, as the central objective centers around protecting the public from financial harm caused by dishonest practices in the real estate sector.