Florida Real Estate Exam Prep 17, Escrow Disputes and Settlement Procedures

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A Florida broker must notify FREC in writing within 15 business days of receiving conflicting demands for escrow funds. - Within 30 business days of the last demand, the broker must institute one of four specific settlement procedures. - The four settlement procedures can be remembered by the mnemonic MALE: Mediation, Arbitration, Litigation, and Escrow Disbursement Order. - Mediation is a non-binding negotiation, whereas arbitration is a binding process where a third party's decision is final. - An Escrow Disbursement Order (EDO) is a formal determination by FREC, but it is not available for disputes exceeding $50,000. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep