Alberta Real Estate Licensing Exam Practice · Question
A brokerage receives a certified cheque for a $15,000 deposit on a residential property. Within how many business days must this deposit be paid into the brokerage's real estate trust account?
RECA Rules, Section 59(1)(a) requires that money received by an industry member in connection with a trade in real estate must be paid into the brokerage's real
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Question: A brokerage receives a certified cheque for a $15,000 deposit on a residential property. Within how many business days must this deposit be paid into the brokerage's real estate trust account?
Answer options: ✅ Within 1 business day of receipt.
- Within 3 business days of receipt.
- Within 5 business days of receipt.
- Upon acceptance of the offer.
Correct answer: Within 1 business day of receipt.
Explanation: RECA Rules, Section 59(1)(a) requires that money received by an industry member in connection with a trade in real estate must be paid into the brokerage's real estate trust account within one business day of receipt.
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