A BC real estate licensee receives a $50,000 deposit cheque from a buyer. Under BCFSA trust account rules, when must the funds be deposited into the brokerage trust account?
Correct Answer
B) As soon as practicable, and no later than the next banking day after receipt
Under BCFSA rules, deposit funds received by a licensee must be delivered to the brokerage and deposited into the trust account as soon as practicable, and no later than the next banking day following receipt. Delays in depositing trust funds constitute a regulatory violation.
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