FRECI_5-5 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 5 – Lecture 5 Real Estate Brokerage Activities Copyright, 2004 2 Lecture Preview What will you learn from this lecture? The proper handling of conflicting demands on escrow funds The four settlement procedures for conflicting demands Copyright, 2004 3 Vocabulary Terms Conflicting demands Good-faith doubt Interpleader Copyright, 2004 4 Conflicting Demands Notify FREC in writing w/in 15 business days of last demand Initiate 1 of 4 settlement procedures within 30 business days Buyer and seller make a claim on escrowed funds and a resolution cannot be attained Broker must: Copyright, 2004 5 Response to Conflicting Escrow Demands Exceptions: If it is sale of a HUD-owned property If, under rules of the Florida Condominium Act, seller requests return of a condo deposit If buyer, in good faith, cannot meet a contract condition Conflicting demands received or conflicting demands
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This note was uploaded on 05/21/2011 for the course FREC 1000 taught by Professor Stallone during the Spring '08 term at University of Florida.

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FRECI_5-5 - Lecture Preview Florida Real Estate Commission...

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