I have a commercial build out with cat5 wire installed in a floor box in conduit under the building in direct contact with the ground. Are you guys looking for a direct burial type cat5 wire to be installed underground?

I would consider the raceway to be for damage protection and would pull Cat5 direct burial solid strand...Otherwise the Cat5 pairs could absorb water (which does exist inside buried raceways and outdoor raceways)...

Would 110.3B be the correct violation in this installation?

The NEC really just seems to be addressing life safety issues (separation from power conductors and smoke/spread of fire issues. The wet location issue is really more about the safety of your data. When water penetrates the cable jacket it will compromise the transmission parameters of the cable.
I did a little looking and I can't find a wet location CAT 5 cable that is not also direct burial but it may exist. I imagine these are silicone flooded cables.

I have never dealt with cat cable but coax cable for wet/underground installations.
So I have not looked at the listing in a while.
So I reference coax.
coax is only listed for direct burial or wet conditions as what is called "flooded' in layman terms. Meaning that between the jacket and shielding is filled with I guess silicone. Messy stuff to deal with.
So I would assume that if cat cable has the same listings spec then it would also be "flooded" with the same product.
i would need to find a current ul white book to confirm.

Try the 2010 UL White Book Category (DUZX) page 109 or the UL Website, Product marking on the Cable will indicate the use in accordance with that category