Episode Details

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