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Duplicate of Trust Account Review Flashcards | StudBud

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The BIC may keep how much money in his/her trust account of their own money?

BIC's may earn interest on EMD's when?

Duplicate of Trust Account Review

9 terms·StudBud Administration·6 plays

Laws and Rules of Trust Accounts

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Questions 9

Answers

1
BIC's may earn interest on EMD's when?
when in writing and approved by Seller
when in writing and approved by Buyer
with oral permission of Buyer
permitted by financial institution
2
The BIC may keep how much money in his/her trust account of their own money?
None
whatever the bank requires to pay fees
$500
$100
3
A firm does sales, property management and 3 HOA's. How many trust accounts does the firm need?
1
4
5
2
4
PB's cannot hold money during negotiations.
With the BIC's permission and office policy
true
Only until acceptance of the offer
False
5
If there is a dispute between the buyer and seller about the release of EMD, the broker must?
send notice and hold for 90 days
release as per contract
hold until written release is received
hold until court order
6
EMD must be deposited?
Within 3 days of receipt
Within 3 banking days of contract acceptance
Within 3 business days of acceptance of offer
Into the Brokers business account within 3 days
7
Trust account balances must be reconciled how often?
45 days
30 days
every quarter
60 days
8
A licensee can accept all of the following except?
DDF checks
Security deposit checks
Checks for repairs/inspections
EMD checks
9
Who must have a trust account?
None of the above
Landlords
Licensees
BIC