A PA broker of record is investigated by the SREC for escrow account violations. The investigation reveals that escrow funds were deposited into a non-interest-bearing checking account instead of a separate escrow account. What violation has occurred?
Correct Answer
D) Commingling of escrow funds, which is a serious violation of RELA
Depositing escrow funds into a regular checking account instead of a separate escrow/trust account constitutes commingling under RELA. Escrow funds must be maintained in a separate, designated escrow or trust account to protect client funds.
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- → The SREC publishes a consent agreement with a licensee who committed RELA violations. What is a consent agreement?
- → In Pennsylvania, what is the National portion of the real estate salesperson exam?
- → How many hours of pre-license education must a candidate complete to qualify for a Pennsylvania real estate salesperson license?
- → Karen is a PA-licensed salesperson who has been inactive for several years. She wants to reactivate her license. Under SREC rules, what must Karen do?
- → A real estate company in Pennsylvania operates as a corporation. Under RELA, what special licensing requirements apply to a corporate real estate entity?
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- → A PA licensee wants to voluntarily surrender their license. Under SREC rules, what happens when a license is voluntarily surrendered?
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