A Maine real estate broker deposits a buyer's earnest money into the broker's personal checking account. This practice is known as commingling. Under Maine license law, this is:
Correct Answer
B) A violation of Maine license law
Commingling — mixing client funds with a broker's personal or business funds — is strictly prohibited under Maine license law. Brokers must deposit client funds into a separate, designated trust account regardless of the amount or client consent.
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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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