Broker Angela in Massachusetts is setting up her trust account procedures. She consults the Massachusetts Board of Registration regulations to ensure compliance. Which of the following is NOT a requirement for maintaining a real estate trust account in Massachusetts?
Correct Answer
C) The trust account must earn interest that is paid directly to the Massachusetts Board of Registration
Massachusetts Board regulations do not require that trust account interest be paid to the Board of Registration. The disposition of interest depends on the terms of the agreement between the parties or applicable law. There is no Massachusetts regulatory requirement directing trust account interest payments to the Board itself. This option describes a fictional requirement.
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Related Topics & Key Terms
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Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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