Under TRESA's general regulation, within what period must an Ontario brokerage deposit trust money it receives into its real estate trust account?
Correct Answer
B) 5 business days
O. Reg. 567/05 s. 17(1) requires a brokerage to deposit money that comes into its hands in trust into the TRESA s. 27 trust account within five business days. Saturdays and holidays under the Legislation Act, 2006 are not business days.
Why This Is the Correct Answer
Five business days is correct because O. Reg. 567/05 s. 17(1) sets that period for depositing trust money into the brokerage's trust account.
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