Property Management
A property manager who collects rents and fails to pass them on to the property owner is guilty of:
ASimple negligence
BConversion (misappropriation) of funds and a violation of IREC trust account rules✓ Correct
COnly a civil breach of contract
DA minor licensing violation
Explanation
Collecting rents and failing to remit them to the property owner constitutes conversion (misappropriation) of funds. This is a serious violation of IREC trust account rules and can result in license revocation and criminal prosecution.
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