Alabama License LawIntermediateAlabama Exam
Alabama law requires that a company's real estate trust account be maintained:
AIn the qualifying broker's personal bank account
BIn a federally insured depository in AlabamaCorrect
CIn any bank account the broker chooses
DOnly in accounts approved by AREC
Why In a federally insured depository in Alabama Is Correct
Answer B: In a federally insured depository in Alabama
Alabama requires that trust accounts holding client funds be maintained in federally insured depository institutions located within the state of Alabama.
Key Alabama License Law Terms in This Question
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Key Terms to Know
State-Specific Concepts
Trust Account RulesAREC Regulation
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