Minnesota Statutes Chapter 82 establishes several requirements for a real estate broker's trust account. Which of the following is NOT a requirement for a Minnesota broker's trust account under Ch. 82?
Correct Answer
C) The broker must maintain a separate trust account for each individual client or transaction.
Minnesota law does NOT require brokers to maintain a separate trust account for each individual client or transaction. A single pooled trust account (or a limited number of accounts) is permissible, provided that the broker maintains accurate records that allow for a complete accounting of each client's funds within the pooled account. The requirement is for proper recordkeeping and segregation of funds from personal accounts — not a separate account per client.
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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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