Laws & AgencyCâu 43 / 120
A broker who receives a buyer's earnest money deposit and, instead of depositing it, uses it for office expenses is guilty of:
a.Commingling and conversion of trust funds
b.Lawful use of a commission advance
c.A permissible loan
d.Proper trust accounting
Giải thích
Trust funds such as earnest money must be placed in a neutral escrow, a trust account, or delivered to the principal, and never mixed with the broker's own funds. Using client funds for personal or business expenses is commingling and conversion, a serious violation. The DRE strictly regulates trust fund handling.
Trích dẫn luật: CA Business & Professions CodeLuyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- To obtain a California real estate salesperson license, an applicant must, among other requirements, be at least:
- The primary legal distinction between a real estate salesperson and a broker in California is that a salesperson must:
- The California Real Estate Commissioner has the authority to:
- Several competing brokerages agree to charge all clients the same commission rate. This agreement most likely violates:
- The case of Easton v. Strassburger established that a listing agent has a duty to:
- An agency relationship can be terminated by all of the following EXCEPT:
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