Final answer:
The Dimsdales must file a claim with the Guaranty Fund, providing a final court judgment and proof that the broker cannot pay. The claim will be reviewed by the real estate commission to determine eligibility. Compensation caps may affect the total amount receivable.
Step-by-step explanation:
If the Dimsdales want payment from the Guaranty Fund following broker Ralph being found guilty of fraud, they need to follow specific procedures that are typically outlined by the state's real estate commission or equivalent regulatory body. Guaranty Funds are designed to compensate clients in the event that a real estate professional, like a broker, is unable to pay damages awarded in a court of law due to fraud or other illicit activities.
The Dimsdales must first ensure that they have a final court judgment against Ralph. They would then likely need to file a claim with the Guaranty Fund, providing all necessary documentation, which includes the court judgment and proof that Ralph is unable to pay. The real estate commission would review the claim and determine if it meets the requirements for compensation from the fund. It's important for the claimants to be aware of any time limits for making such claims, as these are typically strictly enforced.
Furthermore, the Guaranty Fund usually has caps on the amount it will pay out per claim and per licensee, so the Dimsdales may not receive the full $50,000 depending on those limits. They should contact their state's real estate commission for guidance on the claim process.