Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A principal broker maintains a trust or escrow account A $ 1 0 , 0 0 0 earnest money deposit is received from a buyer

A principal broker maintains a trust or escrow account A $10,000 earnest money deposit is received from a buyer and deposited in the account Several weeks later and prior to closing, the principal broker withdraws 57,000 from the account and puts it in his operating account. This transacion is0 Apermissible as long as the principal broker is entitled to at least $7,000 in commission.O B. a violation of Federal banking regulations.0 C.an instance of illegal conversion of funds.O D.permissible if the seller was informed about the transfer of funds.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Applied International Finance I Managing Foreign Exchange Risk

Authors: Thomas O'Brien

2nd Edition

1947441280,1947441299

More Books

Students also viewed these Finance questions

Question

Under a wider scope discuss socialism in Tanzania.

Answered: 1 week ago