Vermont License Law
Vermont's VREC requires that brokerage trust accounts be held at:
AAny financial institution worldwide
BAn FDIC-insured depository institution in Vermont or another approved financial institution✓ Correct
CThe Vermont State Treasury
DA credit union only
Explanation
Vermont requires brokerage trust accounts to be held at a federally or state-insured depository institution, providing protection for client funds through deposit insurance.
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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.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
State-Specific Concepts
Trust Account Rules
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