Trust Funds
After a real estate closing in Alabama, the broker should disburse the earnest money trust funds:
A30 days after closing
BImmediately upon completion of the closing and according to the closing instructions✓ Correct
COnly after AREC confirmation
DWithin 7 business days of closing
Explanation
Trust funds should be disbursed promptly after closing in accordance with the closing instructions and the purchase contract terms.
Related Alabama Trust Funds Questions
- When must an Alabama broker deposit earnest money received from a buyer into the trust account?
- When there is a dispute over earnest money between a buyer and seller in Alabama, the broker should:
- An Alabama broker who fails to maintain proper trust account records may be subject to which penalty by AREC?
- Which of the following would be considered a violation of Alabama trust account rules?
- Commingling in real estate refers to:
- In Alabama, a qualifying broker's trust account must be reconciled:
- After a real estate closing in Alabama, how quickly should trust funds be disbursed?
- An Alabama broker receives rental income on behalf of a property owner. These funds must be deposited into:
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