Refer to Tullis Corporation. How much should Tullis report as Accounts Receivable at the end of year 1 on the balance sheet assuming the use of the completed-contract method?

Funds belonging to others which a broker and their agents handle when acting in a transaction are called:

a. broker fees. b. trust funds. c. bonds. d. security deposits.

Nickole, a salesperson, earned a commission on the sale of one of her listings. At the closing, the seller refused to pay the commission. What remedy is available to Nickole?

a. she can hold up the closing of escrow b. she can file a complaint with the Real Estate Commissioner c. she can file a lis pendens on the property d. she can sue the seller in civil courty