Under Virginia Real Estate Board regulations, where must a broker maintain a trust account for client funds received in connection with real estate transactions?
Correct Answer
B) In a federally insured depository institution in the Commonwealth of Virginia
Under 18 VAC 135-20-180, a Virginia broker must maintain any escrow or trust account in a federally insured depository institution located within the Commonwealth of Virginia. The Virginia-specific requirement that the institution be physically located in Virginia distinguishes this rule from a general federal requirement.
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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.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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