An Alberta associate receives a $15,000 deposit with a buyer's offer to purchase, and the seller accepts the offer. Unless the parties have agreed in writing to a different period, by when must the deposit be placed in the brokerage's trust account?
Correct Answer
D) Within 3 business days of the acceptance of the offer
Section 25(1) of the Real Estate Act requires money received in trust to be deposited within the time prescribed by the regulations or within any period agreed to in writing by the parties. Section 22 of the Real Estate (Ministerial) Regulation sets that time at 3 business days of receipt, or, for money received in trust for an offer to purchase, 3 business days of the acceptance of the offer.
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A salesperson who helps prepare the brokerage's monthly trust account reconciliation notices a shortage of $2,500. What is the most appropriate immediate action for the salesperson?
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