What must happen if the Real Estate Recovery Trust Account balance falls below $1 million?

If the balance of the Real Estate Recovery Trust Account falls below $1 million, it is required that license holders may be assessed a fee. This is a proactive measure to ensure that the Trust Account remains adequately funded to protect consumers who may suffer losses due to the actions of licensed real estate professionals. The fee is typically imposed to replenish the account and ensure that there are sufficient funds available for any claims that may be made against the trust. This process is essential in maintaining a safety net for consumers and promoting trust in the real estate industry.

The other options, while seeming plausible in different contexts, do not address the specific requirement of maintaining the Trust Account's balance. The disbandment of the Commission or immediate renewal of all licenses would not be practical measures in response to the account balance falling below the specified threshold. Similarly, simply providing warnings would not have the necessary financial implications to sustain the trust. Hence, the assessment of a fee from license holders is the most logical and effective response to this situation.