Final answer:
The maximum award from the Real Estate Recovery Account per transaction varies by state; for example, California's limit is $50,000 per transaction, subject to change based on jurisdiction and laws.
Step-by-step explanation:
The maximum award that can be made from the Real Estate Recovery Account per transaction varies by state law. For example, in California, the current limit per transaction is $50,000 as of my knowledge cutoff date, with a maximum of $250,000 per licensee. However, these figures can differ from one jurisdiction to another. Claimants should consult the law in the specific state in which the transaction occurred to determine the applicable limits.
It is essential for victims of fraudulent or negligent real estate practices to understand the function of the Real Estate Recovery Account, which is designed to provide compensation in cases where a court orders a payment for damages and the real estate licensee is unable to pay.