A PA broker of record is found by the SREC to have systematically failed to deposit hand money into escrow within the required timeframe, resulting in client funds being at risk. What is the MOST severe penalty the SREC can impose?
Correct Answer
A) License revocation and referral for criminal prosecution
For systematic failure to properly handle escrow funds, the SREC can impose the most severe penalty available: license revocation. Additionally, the SREC may refer the matter for criminal prosecution if the conduct constitutes theft, conversion, or fraud.
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Previous Question
A salesperson in PA earns their license on January 1, 2025. Their license will first expire at the end of the current biennial renewal cycle. If the current cycle ends on May 31, 2026, how many months does the salesperson have their initial license active before the first renewal?
Next Question
A PA licensee takes a 14-hour CE course on December 1 but their renewal date is November 30 of the same year. Can the licensee use this course for the renewal?