A Washington broker opens a 2026 trust account under a marketing name that is not on its license. Does use of an unlicensed marketing name satisfy the trust-account naming requirement?
Correct Answer
C) Deficient: the account is in the name exactly as it appears on the license
Trust funds must be deposited in a trust account in the broker name as it appears on the license, or if exempt in the name of the exempt broker, at a federally insured financial institution branch located in this state. Other choices: public recognition is not the standard; a license number on a statement does not retitle the account; and a single trust account is contemplated rather than one per borrower. Source: WAC 208-660-410(3)
Why This Is the Correct Answer
Trust funds must be deposited in a trust account in the broker name as it appears on the license, or if exempt in the name of the exempt broker, at a federally insured financial institution branch located in this state. Other choices: public recognition is not the standard; a license number on a statement does not retitle the account; and a single trust account is contemplated rather than one per borrower. Source: WAC 208-660-410(3)
More UST Questions
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