Subject to the provisions of this subtitle, a person may recover compensation from the Guaranty Fund for an actual loss. A claim shall: be based on an act or omission that occurs in the provision of real estate brokerage services by: a licensed real estate broker; a licensed associate real estate broker; a licensed real estate salesperson; or an unlicensed employee of a licensed real estate broker; involve a transaction that relates to real estate that is located in the State; and be based on an act or omission: in which money or property is obtained from a person by theft, embezzlement, false pretenses, or forgery; or that constitutes fraud or misrepresentation. The amount recovered for any claim against the Guaranty Fund may not exceed $50,000 for each claim. A person may not recover from the Guaranty Fund for any loss that relates to: the purchase of any interest in a limited partnership that is formed for the purpose of investment in real estate; a joint venture that is promoted by a licensed real estate broker, a licensed associate real estate broker, or licensed real estate salesperson for the purpose of investment in real estate by 2 or more individuals; or the purchase of commercial paper that is secured by real estate. A claim under the Guaranty Fund may not be made by: the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim; or the personal representative of the spouse of the licensee or the unlicensed employee alleged to be responsible for the act or omission giving rise to the claim. A claim under this subtitle shall be submitted to the Commission within 3 years after the claimant discovers or, by the exercise of ordinary diligence, should have discovered the loss or damage.