1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
mario62 [17]
3 years ago
10

Broker Brad accidentally deposited his commission in the trust fund account instead of his business account. Because it remained

in the account for more than 25 days, he is guilty of:
Business
1 answer:
Zielflug [23.3K]3 years ago
5 0

Answer:

Commingling non-trust funds with trust funds

Explanation:

Trust funds

This is simply known as money or other valuable items that is received by the broker on behalf of another individual.

Non-trust funds

This are simply real estate commissions, general operating funds, rents and deposits.

Commingling

This is simply the act of combining a client's money with the agent's personal funds and it is illegal. It is the act of putting or depositing rent and security deposit into the trust account. When a Commissioner audits the account and sees either commingling of trust funds, the court may issue an order to restrain the broker from further mishandling of trust funds and from practicing real estate. It is a violation of real estate law if the trust account is commingled and it is considered commingling when the trust funds are first deposited into the general brokerage account and then transferred to the trust account.

If a licensee is found guilty of conversion of trust funds

1. There will be a revoke the license of the licensee.

2. The assets of the licensee may be sold to recover the converted funds.

3. The receiver account may be imposed on the licensee's assets in order to find and recover the converted funds.

You might be interested in
Shane's buyers learned during the inspection that there was water damage around the fireplace and that the chimney needed new fl
MAVERICK [17]

Shane should just call the steeplejack.

  • Flashing serves as an additional layer of water protection; however, if you notice leaks, your flashing is damaged. You may experience water damage if you find rust, holes, or areas where the flashing has worn down. However, it would still be best to replace it.
  • Repointing your chimney brick mortar would be your first step. Repointing is the process of taking out the crumbly mortar, then replacing it with a new batch of mortar.
  • your chimney crown and flue serve as your extra protection against water. However, gaps may eventually appear after some time, allowing water to enter.
  • As a result of the water seeping in, it will damage not only the crown but also the flue. And caulking would be the answer to this chimney problem. Caulking is the process of sealing a gap using a sealant or a waterproof filler

learn more about water leaks here : brainly.com/question/681061

#SPJ4

8 0
2 years ago
In order for information to be meaningful, a firm's accounting processes and procedures should be certified as accurate by accep
kolezko [41]

Answer: Independent Auditors

Explanation: Independent Auditors are professionals in the field of accounting such as chattered accountants that are employed to check the business and financial records of an organization to which they don't work in. Auditors are used to ensure accuracy in records and also to ensure no financial mismanagement or fraud.

8 0
3 years ago
Elaine sweeney went to ragged mountain ski resort in new hampshire with a friend. elaine went snow tubing down a snow tube run d
natali 33 [55]
<span>1. Elaine could say that there should have been employees available to instruct snow tube riders. 2. Ragged Mountain will likely assert that the snow tube rules are posted on a sign. 3. If Elaine is partly at fault, she could face fees for any injuries that were caused.</span>
5 0
3 years ago
Is the lottery efficient?
sasho [114]
No it is not efficient
6 0
3 years ago
The operating expense recorded from uncollectible receivables can be called all of the following except
beks73 [17]

Answer:

d .Accounts Receivable

Explanation:

Accounts receivables are amounts that a business expects to receive from its customers for goods and services sold on credit. In many instances, customers do not pay for deliveries immediately. In practice, a 30- 60 days credit period is allowed. Within this period, the customer is expected to make full payments for the goods.

In accounting, these expected payments are recorded as accounts receivables.

Should customers fail to make payments against account receivables, they convert to bad debts or uncollectable debts.

In summary, bad debts, uncollectable debts, and doubtful debts were initially accounts receivables. They changed status due to non-payments by customers.

6 0
3 years ago
Other questions:
  • A firm has fixed operating costs of​ $650,000, a sales price per unit of​ $20, and a variable cost per unit of​ $13. at a base s
    5·1 answer
  • The marginal product of a factor shows how much an additional unit of a factor adds to...
    5·1 answer
  • The simplicity of the metric system lies in the relationship of the expression of quantity (how much) based on the number ? .
    15·1 answer
  • C-Stop reports the following information at year-end: Estimated Book Value Cash Flows Fair Value Building $ 500,000 $ 380,000 $
    13·1 answer
  • Calhoun Crockery sold merchandise; the total proceeds collected, including a 7% sales tax, amounted to $74,900.
    5·1 answer
  • According to TASB, school districts may approach voters to issue bonds for?
    9·1 answer
  • The following data are available for product no. CK74, manufactured and sold by Ruby Corporation:Maximum capacity with present f
    11·1 answer
  • Which one of the following statements about private goods is true? (WITH EXPLANATION PLEASE)
    6·1 answer
  • Bonita Industries began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two y
    9·1 answer
  • Assume you are planning to invest $5,000 each year for six years and will earn 10 percent per year. Determine the future value o
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!