A Washington broker exempt under the depository limb of the statute receives borrower appraisal money in 2026. Does the specified depository exemption also relieve the entity of the trust-account requirement?
Correct Answer
D) No trust account is required of that exempt broker even in that case
Mortgage brokers exempt under the listed limbs of RCW 19.146.020(1) are not required to have a trust account even if they receive trust funds. Other choices: the funds being trust funds is what makes this exemption notable; no borrower waiver is involved; and the exemption is limited to the listed limbs rather than to every exempt broker. Source: WAC 208-660-410(5)
Why This Is the Correct Answer
Mortgage brokers exempt under the listed limbs of RCW 19.146.020(1) are not required to have a trust account even if they receive trust funds. Other choices: the funds being trust funds is what makes this exemption notable; no borrower waiver is involved; and the exemption is limited to the listed limbs rather than to every exempt broker. Source: WAC 208-660-410(5)
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