Arizona License LawIntermediateArizona Exam
A broker who converts client trust funds to personal use is guilty of:
ACommingling
BConversionCorrect
CSubordination
DHypothecation
Why Conversion Is Correct
Answer B: Conversion
Conversion is the illegal act of taking client funds held in trust and using them for personal or business purposes. It is a serious violation that can result in license revocation and criminal charges.
Key Arizona License Law Terms in This Question
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Key Terms to Know
State-Specific Concepts
Trust Account Rules
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