All of the following are acceptable locations for a Florida real estate broker to maintain an escrow account EXCEPT:
Correct Answer
D) A federally insured credit union located in Georgia
Correct: D - A federally insured credit union located in Georgia. Escrow accounts must be maintained in Florida at approved financial institutions. An out-of-state credit union would not be acceptable. Why not A: This option is incorrect because "A federally insured savings and loan association in Florida" does not match the rule tested by the question. The correct answer is "A federally insured credit union located in Georgia". Escrow accounts must be maintained in Florida at approved financial institutions. An out-of-state credit union would not be acceptable. Why not B: This option is incorrect because "A title company authorized to do business in Florida" does not match the rule tested by the question. The correct answer is "A federally insured credit union located in Georgia". Escrow accounts must be maintained in Florida at approved financial institutions. An out-of-state credit union would not be acceptable. Why not C: This option is incorrect because "A federally insured commercial bank located in Florida" does not match the rule tested by the question. The correct answer is "A federally insured credit union located in Georgia". Escrow accounts must be maintained in Florida at approved financial institutions. An out-of-state credit union would not be acceptable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
- → Which Wyoming rule applies when an out-of-state salesperson applies for Wyoming licensure?
- → A responsible broker in Wyoming asks about the Commission director receives a complaint about real estate practice. Which answer follows Wyoming law?
- → For the Wyoming salesperson state portion, a first-time Wyoming salesperson applicant starts the application process. Which statement is correct?
- → A Wyoming licensee is reviewing all first-time salesperson steps are otherwise complete. What is the best answer?
- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
- → Which Wyoming rule applies when a licensee does not timely submit the complete renewal application, proof of CE, and renewal fees?
- → Which Wyoming rule applies when the Commission acts on license issuance and discipline?
- → In Wyoming real estate practice, a written sworn complaint or Commission motion starts a disciplinary matter. What should the licensee remember?
- → A Wyoming licensee is reviewing a first-time salesperson applicant asks which prelicense courses are required. What is the best answer?
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