When a provisional broker receives trust money, he or she must:
- Mail cash to the broker-in-charge
- Deliver money to the provisional broker's broker-in-charge within 5 business days
- Not accept it
- Deliver money immediately to the provisional broker's broker-in-charge
If a broker receives cash as a due diligence fee, the broker must:
- Deposit immediately into a trust account
- Must return it to the buyer
- Take it to the seller
- Take to the bank and get a cashier's check
A trust account is required if:
- A real estate firm is open for business
- An active practicing broker collects and handles the funds of others
- You write commission checks to agents
- Is for attorney's only
The body of law which governs the relationship between someone selling real estate and the broker who lists his property is called:
- Statute of frauds
- Agency law
- Offer to purchase
- Buyer agency
A buyer purchases a rental property which is a duplex. Both units are occupied and the rents are $1,000/monthly/unit. The rents are due on the 1st of the month. The closing is January 17 and both rents have been paid. What is the closing statement entry if the year is based on a 360 day year?
- $866.67 credit to buyer and debit to seller
- $866.67 debit to buyer and credit to seller
- $433.34 debit to buyer and credit to seller
- $433.34 credit to buyer and debit to seller

General Real Estate Topics Exam Prep