Property Management
A Wisconsin property manager who mixes client trust funds with their personal funds is committing:
AConversion
BCommingling, which is illegal under Wisconsin license law✓ Correct
CFraud
DEmbezzlement only if funds are stolen
Explanation
Commingling — mixing client trust funds with personal or business funds — is illegal under Wisconsin license law and can result in 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 RulesLicense Law
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