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10 Cards in this Set
- Front
- Back
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When may a brokers business operating fund be commingled with Money belonging to others? |
When it is necessary to do so to maintain the account |
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What may be properly placed in a brokers trust account? |
Money advanced by the broker as an earnest money deposit |
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Does a broker have to maintain at least one trust account? |
No |
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Selling agent must keep all on file inspection for the commission except what? |
Sellers settlement sheets |
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When must earnest money deposit be given to broker of record? |
As soon as is practically possible |
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The responsibility for properly maintaining trust accounts lies with who? |
The employing broker |
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What belongs in a sales trust or escrow account? |
Money advanced by the broker to benefit another |
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A licensee should advise the use of legal counsel.. |
Always |
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A broker who manages 7 single family residences may.. |
Deposit receipts and deposits in a collected “sale escrow” account |
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A broker who is a property manager should deposit into a trust account no later than.. |
5 business days following receipt |
