What is a conversion real estate?
Definition: Unauthorized use or withholding of money or property that rightfully belongs to another person. Pronunciation: kən-ˈvər-zhən, -shən Used in a Sentence: The broker was charged with conversion for using earnest money funds for his own personal use.
What is an example of conversion of funds?
Accordingly, the law of conversion as applicable to money requires a legal obligation to return specific money entrusted to another. For example, if I ask you to hold $500 in cash with the expectation that this money will be returned to me when I ask for it and it is not, a claim for conversion of money arises.
What is the difference between commingling and conversion?
Commingling is the practice of mixing a client’s money with the agent’s personal funds. Conversion is the unlawful misappropriation and use of a client’s funds by a licensee. Conversion is the more serious violation.
What does conversion of past sales mean?
When an agent is given authority to sell property and thereafter converts the proceeds of the sale, he or she is guilty of embezzlement of the proceeds, as distinguished from the property sold.
What is collusion in real estate?
The definition of collusion is a secret, non-competitive, and, at times, illegal agreement between two or more rivals that aim to destabilize the market’s balance. … Collusion can be done by people, companies, or other entities that generally go against each other.
What is a conversion offer?
Conversion Offering means any offering of securities made as part of a plan by which a savings and loan association, insurance company or other organization converts from a mutual to a stock form of ownership.
Can money be converted?
Currency can be converted using an online currency exchange, or it can be performed manually. To use either method, you must first look up the exchange rate using an online exchange rate calculator or by contacting your bank.
What is a conversion transaction?
Conversion Transaction means a merger, consolidation, recapitalization or other transaction to which the Purchaser is a party that results in the Purchaser Shares being converted into the right to receive cash or other securities.
What is Trustfund conversion?
The legal definition of conversion is the act of using property or funds with which one has been entrusted for purposes other than those for which the property was intended to be used by those who entrusted it.
What do you mean by conversion?
the act or process of converting; state of being converted. change in character, form, or function. … a physical, structural, or design change or transformation from one state or condition to another, especially to effect a change in function: conversion of a freighter into a passenger liner.
When a listing is taken the seller would be referred to as?
When a listing is taken, the seller would be referred to as. C. the client. 4.