Under TREC rules, a broker receives earnest money via wire transfer rather than a physical check. Under TREC rules, does the wire transfer change the broker's trust account obligations?
Correct Answer
C) No, the broker's trust account obligations are the same regardless of whether earnest money is received by check, wire transfer, or other means
Under TREC rules, the broker's trust account obligations apply regardless of the method of payment. Whether earnest money is received via check, wire transfer, ACH, or other means, the funds must be deposited into the broker's trust account and handled according to the same rules.
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