Under Wisconsin Administrative Code REEB 16, which of the following activities is NOT prohibited with respect to a broker's trust account?
Correct Answer
D) Maintaining a separate trust account ledger that identifies each client's funds individually
Maintaining a separate trust account ledger that identifies each client's funds individually is not only permitted — it is required under REEB 16. Wisconsin brokers must keep accurate records that allow each client's funds to be identified at any time. This record-keeping practice protects clients and ensures the broker can account for all funds held in trust.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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?
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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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