What is the legal test for recovery of license fees from a plaintiff who was defrauded by a licensed real estate broker?

[185 Cal.App.3d 1254] Business and Professions Code section 10470 ² et seq. creates a special fund supported by license fees to compensate individuals who are defrauded by real estate licensees. Section 10471, subd. (a) provides for recovery from the fund of unpaid judgments against a licensee for actual or constructive fraud and conversion of trust funds "arising directly out of any transaction when the judgment debtor was licensed and performed an act for which a license is a required." Recovery is available to those who have been defrauded by either a licensed real estate broker or a licensed real estate salesperson (Merrifield v. Edmonds (1983) 146 Cal.App.3d 336, 340-341, 194 Cal.Rptr. 104).