License Law & RulesPregunta 35 de 120
If a broker's escrow account has conflicting demands from a buyer and seller over a disputed deposit, Florida law allows the broker to use several settlement procedures, including:
a.Keeping the disputed funds as a commission
b.Immediately giving the funds to whichever party asks first
c.Requesting an escrow disbursement order (EDO) from FREC
d.Ignoring the dispute indefinitely
Explicación
When there are conflicting demands or a good-faith doubt over escrowed funds, a Florida broker must promptly notify FREC and choose a settlement procedure such as an EDO, mediation, arbitration, or interpleader. The broker may not simply keep or arbitrarily release the funds. Timely notification is required by law.
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