Broker Gina is explaining Connecticut trust account compliance to her newly hired salesperson. She lists several scenarios involving trust account management. Which of the following scenarios does NOT constitute a violation of Connecticut trust account law?
Correct Answer
A) Gina deposits her own $500 into the trust account to cover a bank service fee and then withdraws it the following week
Option A does NOT constitute a violation. Connecticut law (CGS § 20-324e) and CREC regulations permit a broker to deposit a small amount of the broker's own funds into the trust account for the sole purpose of covering bank service charges or minimum balance requirements. This is a recognized exception to the general prohibition on commingling. The broker must track these funds separately and withdraw them promptly once no longer needed for that purpose.
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Related Topics & Key Terms
Key Terms:
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.
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