Arizona License LawIntermediateArizona Exam
In Arizona, a broker's trust account must be maintained in:
AA federally insured financial institution within ArizonaCorrect
BAny bank or credit union the broker prefers, regardless of location
CAn escrow company account managed by a title insurer
DA personal checking account used only for real estate funds
Why A federally insured financial institution within Arizona Is Correct
Answer A: A federally insured financial institution within Arizona
Arizona requires broker trust accounts to be maintained in a federally insured financial institution located in Arizona. Commingling personal funds with trust funds is strictly prohibited.
Key Arizona License Law Terms in This Question
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
State-Specific Concepts
Trust Account Rules
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