Alberta Real Estate Licensing Exam Practice · Question
When can a real estate professional release a deposit held in trust from a failed residential transaction?
Deposits held in trust require mutual written consent or a court order for release in case of a failed transaction.
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Question: When can a real estate professional release a deposit held in trust from a failed residential transaction?
Answer options: ✅ Only with the mutual written consent of both the buyer and seller or a court order.
- When directed by their brokerage's designated official.
- After 30 days if no dispute has been filed.
- Immediately upon verbal instruction from the buyer.
Correct answer: Only with the mutual written consent of both the buyer and seller or a court order.
Explanation: Deposits held in trust require mutual written consent or a court order for release in case of a failed transaction.
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