Salesperson Kevin receives a $5,000 earnest money check from a buyer he is representing. Under Connecticut law, what is Kevin's proper course of action regarding these funds?
Correct Answer
B) Kevin must promptly deliver the funds to his supervising broker, who is then responsible for depositing them into the trust account
Under Connecticut law (CGS §§ 20-312 and 20-324e), only a licensed broker — not a salesperson — may maintain a trust account. A salesperson who receives client funds must promptly deliver them to the supervising broker, who is then legally responsible for depositing the funds into the properly maintained trust account within three banking days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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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