Under TREC rules, Broker Garcia maintains an interest-bearing trust account. The account earns $500 in interest during a quarter. Under TREC rules, who is entitled to the interest earned?
Correct Answer
B) The disposition of interest depends on the written agreement between the broker and the parties; without an agreement, applicable law governs
Under TREC rules and Texas law, the disposition of interest earned on trust account funds depends on the written agreement between the broker and the parties. If no agreement exists, applicable Texas law governs the interest disposition.
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