Final answer:
If a client's complaint against a former broker for misrepresentation is valid, the monetary damages would generally be paid by the licensee or broker. There might also be liability from the brokerage firm or their insurer, especially if "actual malice" is involved in cases concerning public officials.
Step-by-step explanation:
A client who has lodged a complaint against a former broker alleging substantial misrepresentation of property value may seek monetary damages. If the complaint is deemed to have merit, the monies to satisfy the judgment will typically come from the responsible party, which in this case is the licensee (the broker). However, depending on the structure of the brokerage and any insurance policies in place, the brokerage firm or their insurance provider may also be held liable. It's important to note that based on constitutional guarantees, in the case of a public official, damages for a defamatory falsehood related to their official conduct can only be recovered if "actual malice" is proven—meaning the false statement was made knowingly or with reckless disregard for its truthfulness.