On a Monday a listing brokerage receives a prospective tenant's $2,600 rent deposit with an accepted agreement to lease. Under O. Reg. 567/05, when must the brokerage deposit the money into its real estate trust account?
Correct Answer
D) Within five business days after the money comes into the brokerage's hands in trust
O. Reg. 567/05, s. 17(1) under TRESA requires a brokerage that receives money in trust in connection with its business to deposit it into the trust account maintained under s. 27 of the Act within five business days. A rent deposit received with an agreement to lease is trust money.
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