A broker is reviewing trust fund handling procedures with new agents. All of the following are violations of trust fund regulations EXCEPT.
Correct Answer
C) Depositing the earnest money into the designated broker trust account within the time period required by state law
Depositing earnest money into the designated trust account within the required timeframe is the correct and lawful procedure. This is not a violation; it is proper trust fund handling.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
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.
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