Property Management
A manager who 'converts' funds from a client's trust account for personal use is guilty of:
ACommingling
BConversion✓ Correct
CMisrepresentation
DNegligence
Explanation
Conversion is the misappropriation of client funds for the manager's personal use. It is more serious than commingling (simply mixing funds) and can result in criminal charges as well as license revocation.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Trust Account Rules
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