Once money comes into an Ontario brokerage's hands in trust, what is the longest it may wait before depositing the money into its real estate trust account?
Correct Answer
A) 5 business days
O. Reg. 567/05 s. 17(1) requires a brokerage to deposit trust money into its trust account within five business days after the money comes into its hands. Business days exclude Saturdays and holidays within the meaning of the Legislation Act, 2006.
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