Broker Johnson discovers that his bookkeeper accidentally deposited a $2,000 earnest money check into the company's operating account instead of the escrow account. What should Johnson do immediately?
Correct Answer
D) Transfer the funds immediately and maintain documentation of the error
The broker must immediately transfer the funds to the proper escrow account and document the error. This corrects the commingling violation as quickly as possible. Option A perpetuates the violation. Option B allows unnecessary delay. Option C addresses reporting but doesn't correct the immediate problem of commingled funds.
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