Under Colorado Real Estate Commission rules, where must an employing broker deposit earnest money received in a real estate transaction?
Correct Answer
C) Into a separate trust account maintained by the employing broker within three business days
Under CREC Rule 6.5 and C.R.S. § 12-10-217, an employing broker must deposit all earnest money and trust funds received into a separate, designated trust account within three business days of receipt. The account must be kept entirely separate from the broker's personal and operating funds to prevent commingling.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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