Colorado License LawIntermediateColorado Exam
Under Colorado license law, a broker's trust account must be maintained at:
AThe Colorado Division of Real Estate
BA federally insured bank or savings institutionCorrect
CAny financial institution selected by the broker
DThe employing broker's personal bank of choice
Why A federally insured bank or savings institution Is Correct
Answer B: A federally insured bank or savings institution
Colorado requires broker trust accounts to be maintained at a federally insured financial institution. The trust account must be separate from personal and business accounts and must be clearly identified as a trust account.
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Key Terms to Know
State-Specific Concepts
Trust Account RulesLicense Law
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