A Georgia broker failed to maintain proper escrow account records and used $15,000 in client earnest money deposits for personal business expenses. GREC has substantiated the violation. What is the most severe administrative action GREC itself can take against this broker's license?
Correct Answer
A) Revocation of the broker's real estate license
Correct because under O.C.G.A. § 43-40-25(b), GREC has the authority to revoke a real estate license for violations including commingling and conversion of client funds. Misappropriation of trust funds under O.C.G.A. § 43-40-25(a)(6) and (a)(14) is among the most serious violations, and license revocation is the most severe administrative sanction within GREC's direct authority. Note that criminal prosecution for theft by conversion would be handled separately by the district attorney's office, not by GREC.
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Previous Question
A Georgia licensee committed a trust account recordkeeping violation. After GREC opened a formal investigation, the licensee immediately corrected all records and brought the account into full compliance. How does the post-investigation correction affect the disciplinary proceeding?
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Agent Mike Roberts was found guilty of practicing real estate without a valid license after his license expired 8 months ago and he failed to renew it. He completed three transactions during this period. What penalty can GREC impose?