A property manager receives a rental bond of $2,400 on Monday. According to standard trust account requirements, by when must this money be deposited into the trust account?
Correct Answer
A) By the end of the same business day
Trust account regulations typically require client funds to be deposited by the end of the next business day, or in many jurisdictions, the same business day when received. This ensures immediate protection of client funds and prevents any misuse.
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