Florida License Law
A Florida real estate licensee who commits 'conversion' of escrow funds is guilty of:
AA minor administrative violation
BThe illegal taking or use of client funds for personal benefit — a serious felony offense✓ Correct
COnly a civil matter
DA violation only if discovered by FREC
Explanation
Conversion is the illegal taking or misappropriation of a client's funds held in trust for the licensee's own personal use. In Florida, this is a serious criminal offense (theft/fraud) as well as a violation of Chapter 475 F.S. that will result in license revocation.
Related Florida Florida License Law Questions
- A Florida real estate licensee who is temporarily ill and unable to work real estate may:
- A Florida broker must keep all trust/escrow funds in a segregated account. How long must records of these transactions be maintained?
- What is the required experience to qualify for a Florida real estate broker's license?
- Under Florida law, a licensee may accept a referral fee or compensation from a party other than their employing broker only if:
- A Florida real estate licensee who acts as an 'attorney-in-fact' for a client in a real estate transaction under a power of attorney is not practicing law, provided they are:
- A Florida real estate licensee's license is placed on 'involuntary inactive' status when:
- A Florida real estate license is automatically considered 'involuntary inactive' when:
- Under Florida Statute 475, which of the following is an exempt activity that does NOT require a real estate license?
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →