Florida License Law
A Florida broker's escrow account reconciliation revealed a $500 shortage. The broker discovered it was due to a bank fee charged to the escrow account. The broker should:
AIgnore it since bank fees are routine
BCover the shortage from personal funds and report the discrepancy as required✓ Correct
CAsk a client for additional funds to cover the shortage
DReport the bank to FREC
Explanation
Florida brokers must keep escrow accounts whole. Bank charges to escrow accounts create a shortage that the broker must cover with their own funds.
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Key Terms to Know
State-Specific Concepts
FREC Regulation
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