Alberta Real Estate Licensing Exam Practice · Question
When can a real estate professional generally deposit a buyer's earnest money deposit into their brokerage's general operating account?
Earnest money deposits must always be held in a designated trust account, not the brokerage's general operating account, to protect client funds.
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Question: When can a real estate professional generally deposit a buyer's earnest money deposit into their brokerage's general operating account?
Answer options:
- Immediately upon receipt
- Only after the offer becomes firm and binding ✅ Under no circumstances; it must go into a trust account
- If the deposit is less than $1,000
Correct answer: Under no circumstances; it must go into a trust account
Explanation: Earnest money deposits must always be held in a designated trust account, not the brokerage's general operating account, to protect client funds.
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