Under Colorado CREC rules, all of the following are required elements of a properly maintained real estate trust account EXCEPT:
Correct Answer
C) The account must earn interest that is remitted monthly to the Colorado Housing Finance Authority
Colorado CREC rules do not require that trust account interest be remitted to the Colorado Housing Finance Authority or any other state agency. While some states have IOLTA (Interest on Lawyers' Trust Accounts) programs, Colorado real estate trust accounts do not have a mandatory interest remittance requirement of this type. This makes option C the item that is NOT a required element.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
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