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EMD must be deposited?

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

Duplicate of Trust Account Review

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Laws and Rules of Trust Accounts

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Questions 9

Answers

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