Trust Funds
In Alabama, who is ultimately responsible for ensuring that client funds are properly maintained in the trust account?
AThe salesperson who collected the funds
BThe employing broker✓ Correct
CAREC
DThe title company
Explanation
The employing broker bears ultimate responsibility for the proper maintenance and management of the trust account, including all deposits and disbursements.
Related Alabama Trust Funds Questions
- Commingling in real estate refers to:
- Which of the following is NOT a permissible use of an Alabama broker's trust account?
- How long must Alabama brokers retain trust account records?
- 'Conversion' of trust funds occurs when a broker:
- In Alabama, the term for a broker's obligation to keep client funds separate from personal or business operating funds is:
- Conversion of trust funds in Alabama means:
- A broker maintains a trust account with a balance of $50,000 representing multiple clients' earnest money deposits. The broker should:
- In Alabama, a real estate broker's trust (escrow) account must be:
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