Rowlett Real Estate School - Legal Terms - Florida Real Estate
A breach of trust is defined as any violation or omission of a legal or moral duty. It is the breaking of a promise or obligation, either by an act of commission or omission, default, or nonperformance.
To commingle funds is to mix the money or other personal property of a buyer or a seller with a broker’s own money or property, or to combine escrow money with personal or business funds. Commingling is sometimes called intermingling.
Concealment is the withholding of information or a material fact. In a fiduciary relationship, for example, the broker has a duty to speak, unless the principal knows the information or fact.
Conversion is a licensee’s personal use or misuse of client (or customer) monies. Brokers may not use earnest money funds for their personal use.
Culpable negligence involves negligent conduct that, while not intentional, involves a disregard of the consequences likely to result for one’s actions. Brokers may be charged with culpable negligence if they do not give ordinary, careful attention to their brokerage and do not exercise reasonable control over the brokerage’s agents.
Fraud is intentional deceit and reliance on the deception for the purpose of inducing another person to rely on the deceitful information and for the injured person to part with something of value or to surrender a legal right. A broker may be charged with fraud when the broker does not disclose known defects or remains “silent” when the defect is not readily observable.
Failure to account or deliver is the act of failing to deliver any personal property such as money, legal documents, or real estate commission to a person entitled to receive it. A broker who fails to pay an earnest money deposit at the title closing, in accordance with the contract for sale and purchase, may be charged with failure to account or deliver trust funds.
A material fact is information that is relevant to a person making a decision and that affects the value of the real property. Information about the condition of a property, such as known defects or code violations are material facts.
Misrepresentation is an untrue statement of fact or an incorrect or false representation of the facts. A licensee may be charged with misrepresentation for failing to indicate in a newspaper that a listed property is advertised by a real estate licensee.
Moral turpitude involves conduct contrary to honesty, good morals, justice, or accepted custom. Case law has further defined moral turpitude to mean a depravity against society. Felonies such as embezzlement, larceny, and robbery are generally considered moral turpitude.
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Rowlett Real Estate School is a family-owned and operated, FREC-approved, fully-accredited Florida real estate school based in the Panhandle of Florida. We specialize in educating and assisting students with all aspects of obtaining/maintaining their Florida real estate license. Providing excellent customer service is our top priority. Above all, we understand the importance of making ourselves available to our students. As a result, you may reach our instructors during regular business hours. Likewise, our knowledgeable staff is available after hours, weekends, and holidays.
