Sales associate Johnson receives earnest money from a buyer but forgets to turn it over to her broker for three days. What violation has occurred?
Correct Answer
B) Failure to deposit within the required timeframe
Sales associates must immediately turn over earnest money to their broker, and the delay constitutes failure to deposit within the required timeframe. Option A (conversion) involves using funds for personal benefit. Option C (commingling) involves mixing personal and trust funds. Option D is unrelated to this situation.
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