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Practice Of Real EstateLicense_lawMEDIUM

Training example Silver Packet asks the question this way. In a Miami transaction, a buyer wants the Florida rule on conflicting demands or good-faith doubt. Which statement is correct?

Correct Answer

D) Conflicting demands or good-faith doubt trigger Florida's escrow-dispute deadlines rather than allowing the broker to ignore the dispute.

Conflicting demands or good-faith doubt trigger Florida's escrow-dispute deadlines rather than allowing the broker to ignore the dispute. That reflects Florida's required escrow-dispute response framework.

Answer Options
A
Conflicting escrow demands may be ignored unless one side files a lawsuit first.
B
A broker may solve a disputed deposit by moving the money into the office operating account until the parties agree.
C
Receipt by a sales associate does not count until the broker personally sees the deposit check.
D
Conflicting demands or good-faith doubt trigger Florida's escrow-dispute deadlines rather than allowing the broker to ignore the dispute.

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Related Topics & Key Terms

Key Terms:

floridastate_portiontrust_accountslicense_law_frec_rules

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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