149Entitlement to claim compensation

149 Entitlement to claim compensation (1) A person (the claimant) who suffers financial loss because of a failure to account by a licensed property agent is entitled to claim compensation from the compensation fund for the loss. (2) The amount that the claimant is entitled to claim is the amount of the actual financial loss suffered by the claimant less any amount the claimant has recovered or can recover in relation to the loss from a source other than the compensation fund. (3) However, if the claim is in relation to a licensed real estate agent acting as manager of an owners corporation for a units plan, the amount that the claimant is entitled to claim is limited to $50 000 for a single claim. (4) Subsection (3) does not apply to a claim if the cause of action on which the claim is based arose before the commencement of subsection (3). (5) Subsection (1) does not entitle an agent to claim compensation against the compensation fund for a financial loss suffered by the agent in the course of carrying on business as an agent. (6) If a person who has begun a proceeding in accordance with a notice under section 153 (Requirement to begin proceedings) is ordered to pay costs to another party to the proceeding, the person is entitled to claim compensation from the compensation fund for the amount of the costs paid. (7) This section does not apply to a failure to account for money or other property that relates to dealing in land used or to be used mainly for a commercial, business or industrial purpose.