Under Washington State trust account rules, all of the following actions by a designated broker would constitute a violation EXCEPT:
Correct Answer
C) Maintaining a small amount of firm funds in the trust account to cover monthly bank service charges
Maintaining a small amount of firm funds in the trust account specifically to cover bank service charges is expressly permitted under WAC 308-124D. This is a recognized exception to the general commingling prohibition, designed to prevent bank fees from reducing client fund balances. The amount kept for this purpose must be documented and reasonable.
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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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