New Jersey salesperson Alan receives a $15,000 earnest money deposit check from a buyer on Friday afternoon. His broker's office is closed until Monday. Under New Jersey's fiduciary duty of accounting and trust account rules, what must Alan do?
Correct Answer
B) Hold the check uncashed in a secure location and deliver it to the broker as soon as possible on Monday for proper trust account deposit
Under New Jersey license law and the fiduciary duty of accounting, a salesperson who receives client funds must safeguard them and deliver them to the supervising broker as soon as practicable. Holding the uncashed check securely and delivering it to the broker on Monday for deposit into the broker's trust account is the correct procedure. The salesperson cannot deposit the funds into any personal account, and the broker — not the salesperson — is responsible for the trust account.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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