Trust Funds
Which California law specifically governs a real estate broker's obligations with respect to trust funds?
ACivil Code §1102
BBusiness and Professions Code §10145 and DRE Regulations §2832✓ Correct
CHealth and Safety Code §17920
DGovernment Code §65852
Explanation
BPC §10145 and DRE Commissioner's Regulation §2832 together establish the requirements for trust fund handling — including deposit timelines, account maintenance, record-keeping, and reconciliation obligations for California real estate brokers.
Related California Trust Funds Questions
- Which of the following is considered a trust fund under California law?
- Under California law, a real estate broker must deposit trust funds received into a neutral escrow or into the broker's trust fund account no later than:
- The illegal use of client trust funds for the broker's personal benefit is called:
- Interest earned on funds held in a broker's trust account generally belongs to:
- A broker receives an earnest money check made out to the seller. The buyer instructs the broker to hold the check uncashed until offer acceptance. The broker MUST:
- What constitutes 'misappropriation' of trust funds?
- Which of the following is TRUE about salesperson trust fund accounts?
- A broker's trust fund records must be retained for how long after the transaction closes or the funds are disbursed?
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