The Hawaii Real Estate Commission receives a complaint alleging that a licensed salesperson, Keiko, has been collecting rental payments from tenants and depositing them into her personal bank account rather than a trust account. Which of the following actions is the HREC authorized to take under HRS Chapter 467?
Correct Answer
C) Revoke or suspend Keiko's license, impose a fine, and order restitution after a hearing
Under HRS Chapter 467, the HREC has broad disciplinary authority, including the power to revoke or suspend a license, impose administrative fines, and order restitution following a formal hearing. Misappropriating client funds by depositing them into a personal account instead of a trust account is a serious violation that falls squarely within the Commission's disciplinary jurisdiction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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