Under Virginia VREB regulations governing trust accounts, all of the following actions by a broker are violations EXCEPT:
Correct Answer
D) Maintaining $400 of the broker's own funds in the trust account to cover monthly bank service charges
Under 18 VAC 135-20-180, Virginia regulations expressly permit a broker to maintain a reasonable amount of personal funds in the trust account for the purpose of covering bank service charges and maintaining minimum balance requirements. Keeping $400 of the broker's own funds for this specific purpose is a recognized exception to the commingling prohibition and is therefore NOT a violation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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