A VREB investigator is auditing Broker Sandra's trust account records. Which of the following findings would NOT constitute a trust account violation under Virginia VREB regulations?
Correct Answer
C) Sandra's trust account contains $600 of her own funds, which she confirmed are used solely to cover monthly bank maintenance fees
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 minimum balance requirements. Sandra's $600 of personal funds held solely for bank maintenance fees falls within this permitted exception and does NOT constitute a violation. The account being at a federally insured Virginia bank (Option B) is also compliant, but the question asks which finding would not be a violation, and Option C is the answer that tests the commingling exception.
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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.
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