Broker Lopez's escrow account shows the following: Transaction A earnest money $5,000, Transaction B earnest money $8,000, Transaction C earnest money $12,000, personal funds for fees $3,500. Transaction A closes and $5,000 is disbursed. What should be the remaining account balance?
Correct Answer
B) $23,500
Initial total: $5,000 + $8,000 + $12,000 + $3,500 = $28,500. After Transaction A closes and $5,000 is disbursed: $28,500 - $5,000 = $23,500. Option A omits the personal funds. Option C miscalculates by not subtracting the disbursement. Option D represents the balance before any disbursement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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