A broker receives a deposit from a buyer with no instructions to hold the check uncashed pending the seller's acceptance of the offer. After the offer is accepted, the broker decides to put the check in a safe in the office for security purposes until the broker can get to the bank in two weeks. The broker is:
A) guilty of conversion
B) innocent of any wrongdoing
C) guilty of commingling
D) required to place the deposit into a trust fund
Correct Answer:
Verified
Q1: A unilateral contract is:
A) created by actions.
B)
Q2: A counter offer by the seller:
A) rescinds
Q4: A real estate broker takes an exclusive
Q4: Buyer makes a written bonafide offer to
Q5: A properly signed exclusive right-to-sell listing agreement
Q6: An executory contract is a contract that:
A)
Q7: Real estate agencies can be created several
Q8: Receiving a commission from both the buyer
Q9: An owner gives ABC Realty an exclusive
Q11: The relationship between an agent and their
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents