Final answer:
REIX insurance covers errors, omissions, or negligent acts by real estate professionals during their professional activities. It does not cover fraud, personal trading, personal injury, or property damage unrelated to professional services.
Step-by-step explanation:
REIX insurance, which stands for Real Estate Insurance Exchange, primarily covers situations that involve errors, omissions, or negligent acts in the course of professional real estate practice. REIX does not cover acts that involve fraud or breach of trust, personal trades of real estate professionals (REPs), or situations where there is personal injury or property damage unrelated to the professional services provided.
REIX insurance is designed to protect real estate professionals against potential lawsuits that may arise from unintended mistakes or negligence while performing their duties. It is a form of professional liability insurance specific to the real estate industry.