Florida License Law
A Florida real estate broker is audited by FREC and is found to have an escrow account shortage of $5,000 due to a bookkeeping error (not intentional). FREC is most likely to:
AImmediately revoke the broker's license
BRequire the broker to reconcile the shortage, potentially impose a fine, and take no further action if the issue is resolved✓ Correct
CRequire criminal prosecution
DAutomatically place the broker's license on suspension for 1 year
Explanation
FREC's disciplinary response is generally proportionate to the severity of the violation. An inadvertent bookkeeping error resulting in a small shortage, when quickly identified and corrected, typically results in an administrative fine and requirement to correct the shortage — not immediate revocation.
Related Florida Florida License Law Questions
- Under Florida law, which of the following is true about a real estate broker's responsibility to maintain a trust account?
- A Florida real estate licensee's biennial renewal period ends on March 31 of the odd-numbered year for a licensee born in an even-numbered month. Which of the following is correct about continuing education for renewal?
- A Florida broker may pay a referral fee to a person who referred a buyer if that person is:
- A Florida broker's license expires due to failure to complete continuing education. The broker's status is:
- A Florida real estate broker who engages in 'commingling' of escrow funds with operating funds is subject to:
- A Florida real estate sales associate receives a referral fee from a title company for recommending their services to buyers. This arrangement:
- A Florida broker who operates as a sole proprietorship using their broker's license must:
- Under FREC rules, a Florida broker who receives earnest money must deposit it in the escrow account within:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →