Final answer:
An aggrieved party awarded a judgment against a real estate licensee for a violation of the IL License Act may seek compensation from the Real Estate Recovery Fund. They must have a legally enforceable judgment and demonstrate unsuccessful efforts to collect from the licensee. There are limits on payouts from the fund, and the principles provided in the question relate to justice in acquisition and transfer of holdings, rather than specifics of the Recovery Fund.
Step-by-step explanation:
If an aggrieved person is awarded a judgment against a real estate licensee for violation of the IL License Act, they may have the right to seek compensation from the Real Estate Recovery Fund. The fund is designed to provide financial restitution to those who have suffered losses due to the wrongdoing of licensed real estate professionals. However, there are specific conditions and limitations on the amount that can be claimed from the fund.
To successfully claim from the Real Estate Recovery Fund, the aggrieved party must meet several criteria. First, they must have a legally enforceable judgment, which means that the court has determined the licensee is at fault. Following that, they need to show that they have made a reasonable effort to collect the judgment from the licensee but have been unsuccessful. There is also a cap on the amount that can be paid out per transaction, and an overall limit per licensee.
The principles listed in the question are not directly related to the Real Estate Recovery Fund but are more aligned with ethical theories of justice, which may guide the underlying law, but they are not part of the operational details of the Recovery Fund itself. These principles speak to general entitlements based on just acquisition and transfer of holdings rather than being rules about the Real Estate Recovery Fund.