A Louisiana licensee encounters a licensee receives money belonging to others. What should the licensee remember?
Correct Answer
B) Failure to account for that money is a cause for discipline
La. R.S. 37:1455 lists failure to account for money belonging to others as a disciplinary cause. Source basis: Louisiana Legislature official La. R.S. 37:1445, 37:1446, 37:1447, 37:1448, 37:1449, 37:1449.1, 37:1450, 37:1455, 37:1467, 37:1468, 37:1469, and 37:1470; checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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