What is the minimum balance required for the Real Estate Recovery Fund in Hawaii?

The minimum balance required for the Real Estate Recovery Fund in Hawaii is indeed set at $350,000. This fund is established to protect consumers who suffer financial losses due to the misconduct of real estate licensees. The purpose of maintaining a minimum balance is to ensure that there are sufficient funds available to compensate consumers who may have legitimate claims against real estate licensees who are unable to meet their financial obligations.

Hawaii's legislature sets the specific amount for the fund to promote consumer protection and instill confidence in the real estate market. It's important for real estate professionals to be aware of this requirement, as it underlines the state's commitment to safeguarding consumer interests in real estate transactions. Other amounts, while they may appear plausible, do not reflect the current statutory requirement, making $350,000 the accurate figure for the minimum balance in the Real Estate Recovery Fund.