What is the timeframe within which a petition to collect from the Real Estate Recovery Fund must be filed after termination of all proceedings in connection with the judgment?

The correct timeframe for filing a petition to collect from the Real Estate Recovery Fund after the termination of all proceedings in connection with the judgment is one year. This means that once a judgment related to a real estate transaction has reached a final and conclusive status, the creditor has a one-year window to submit their petition for recovery from the fund. This rule is designed to ensure timely action and to streamline the process for recovering losses incurred due to malpractice or wrongdoing by a licensed real estate professional.

Understanding this timeframe is important for both real estate professionals and consumers. It underscores the necessity for individuals to act promptly when seeking restitution through the Recovery Fund, emphasizing that delays beyond this period can jeopardize their ability to receive compensation for their claims. This aspect of real estate law aims to protect consumers while also maintaining a clear and structured process for fund disbursement.