Under Minnesota real estate license law, which of the following is NOT a required characteristic of a broker's trust account?
Correct Answer
A) The account must earn interest that is paid directly to the Minnesota Housing Finance Agency
Under Minn. Stat. Ch. 82, there is no requirement that trust account interest be paid to the Minnesota Housing Finance Agency (MHFA). While some states have IOLTA (Interest on Lawyers' Trust Accounts) programs that direct interest to housing or legal aid funds, Minnesota's real estate trust account rules do not impose this requirement on real estate brokers. The interest, if any, may be handled in accordance with the terms agreed upon by the parties or the broker's standard practice.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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.
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