Real Estate Law 106

admin 2019.05.17 21:24 Views : 259

Check Your Understanding Answers

  1. What are trust funds?

    Trust funds are money or other things of value that are received by the broker on the part of another person.
     
  2. Within what timeframe is a broker required to deposit a buyer’s money deposit in the appropriate account or provide it to the principal?

    3 business days following receipt of the funds by the broker or the broker’s salesperson, unless the money is in the form of a check that is to be held uncashed until the offer has been accepted
     
  3. Define commingling.

    Commingling is the practice of mixing a client's money with the agent's personal funds and it is illegal.
     
  4. How long must brokers keep all trust account records?

    Brokers must keep all records chronologically for three years from the date of the conclusion of a transaction or listing if the transaction does not close.
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