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A firm does sales, property management and 3 HOA's. How many trust accounts does the firm need?

A licensee can accept all of the following except?

Trust Account Review

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Laws and Rules of Trust Accounts

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Questions 9

Answers

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