Salesperson Maria receives a $5,000 earnest money check from a buyer on a Friday afternoon after her broker's office has closed for the weekend. According to Michigan law, what is the most appropriate action Maria should take?
Correct Answer
A) Hold the check in her possession and deliver it to her broker on the next business day
Under Michigan law and standard practice consistent with MCL 339.2512, when a salesperson receives earnest money and cannot immediately deliver it to the broker, the salesperson should hold the check securely and deliver it to the employing broker on the next business day. The salesperson must never deposit funds independently — only the broker may deposit into the trust account.
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Related Topics & Key Terms
Key Terms:
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.
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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