A South Dakota broker must maintain a trust account for:
Correct Answer
B) Earnest money and other client funds
A South Dakota broker is required to maintain a trust (escrow) account in a South Dakota financial institution for holding earnest money, security deposits, and other client funds. These funds must be kept separate from the broker's personal or business operating accounts.
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Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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