Alberta Real Estate Licensing Exam Practice · Question
What is the typical time frame for holding a real estate deposit in a brokerage's trust account before it must be disbursed?
Deposits are held in trust until the conditions of the contract are met or waived, and then disbursed according to the purchase contract.
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Question: What is the typical time frame for holding a real estate deposit in a brokerage's trust account before it must be disbursed?
Answer options: ✅ Until the conditions are waived or fulfilled, and the transaction closes.
- A maximum of 30 days from the date of the offer.
- Until the seller requests its release for personal use.
- It must be transferred to the seller immediately upon receipt.
Correct answer: Until the conditions are waived or fulfilled, and the transaction closes.
Explanation: Deposits are held in trust until the conditions of the contract are met or waived, and then disbursed according to the purchase contract.
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