Real Estate Math
A North Dakota broker's annual trust account audit shows $185,000 in client funds held. The broker's own funds in the account are $300 (allowed minimum). What is the total trust account balance?
A$184,700
B$185,000
C$185,300✓ Correct
D$186,000
Explanation
Total trust account balance = Client funds + Broker's allowed minimum = $185,000 + $300 = $185,300. Using the values given ($185,000, $300), apply the appropriate formula..
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
State-Specific Concepts
Trust Account Rules
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