If the trust account contains trust funds belonging to more than one beneficiary, the broker may not disburse any funds without the prior written consent of every principal who has funds in the account:

A: If such disbursal will reduce the balance of the total funds in the account to an amount less than the various owners have on deposit;
B: Except to pay a deposit to escrow;
C: Unless disbursement is for the purpose of refunding an earnest money deposit to an offeror;
D: Except when disbursement will be used to close a real estate transaction of the broker.

Answer: A: If such disbursal will reduce the balance of the total funds in the account to an amount less than the various owners have on deposit;

Business

You might also like to view...

Which of the following items is not a part of the escrow process?

A. ordering a preliminary title report B. Making a counter- offer C. Paying off the remainder of the seller's loan D. Recording mortgage documents

Business

According to the text, a conversational style should be avoided when writing interviewer-administered questionnaires

Indicate whether the statement is true or false

Business