A Broker Receives a Deposit from a Buyer with No

question 14

Multiple Choice

A broker receives a deposit from a buyer with no instructions to hold the check uncashed pending the seller's acceptance of the offer. After the offer is accepted, the broker decides to put the check in a safe in the office for security purposes until the broker can get to the bank in two weeks. The broker is:

• A) guilty of conversion
• B) innocent of any wrongdoing
• C) guilty of commingling
• D) required to place the deposit into a trust fund