Which of the following statements best defines the act of conversion?

The act of conversion is best defined as taking the money or property of others. This term specifically refers to the unauthorized use or control of someone else's property, effectively denying the owner their right to it. In the context of real estate and fiduciary relationships, conversion is considered a serious ethical violation. Real estate licensees have a duty to handle client funds and property with the utmost integrity, and any act of conversion not only undermines this trust but can also lead to disciplinary actions, including potential loss of licensure.

Options like placing client money into a personal account or failing to keep transaction records can be related to unethical or illegal practices, but they do not fully encapsulate the concept of conversion. Depositing commission checks into a business account may also involve ethical concerns depending on circumstances, but again, it does not represent the core definition of conversion. The focus of conversion is purely on the unauthorized taking and control over someone else's assets, highlighting the fiduciary responsibility required in real estate transactions.