4 Questions
Under what circumstances are brokers allowed to deposit personal or business funds into their escrow account?
Brokers may deposit personal or business funds in an escrow account to cover service charges assessed to the account or to maintain a minimum balance as required by the bank.
What is not permitted regarding brokers and their escrow account?
Brokers may deposit personal or business funds in an escrow account to cover service charges assessed to the account or to maintain a minimum balance as required by the bank.
When can brokers deposit personal or business funds into their escrow account?
Only if it appears they will not be able to deposit the funds in the personal or business account by close of business the next business day.
What is the main reason for prohibiting brokers from commingling personal or business funds with escrow funds?
To protect clients' and third parties' funds from being used inappropriately.
Test your knowledge of real estate escrow account rules with this quiz. Determine under what circumstances brokers are allowed to deposit personal or business funds into their escrow account.
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