Alberta Real Estate Licensing Exam Practice · Question
A brokerage receives an offer from a buyer with a $5,000 personal cheque as a deposit. The seller accepts the offer on Friday. The buyer's associate is on vacation until the following Tuesday. When must the cheque be deposited into the trust account?
RECA Rules, Section 59(1)(a) specifies that all money received in connection with a trade in real estate must be paid into the brokerage's trust account within
Start free practice for Alberta Real Estate Licensing Exam Practice
400 questions · no signup required · 40 free questions per day
Question: A brokerage receives an offer from a buyer with a $5,000 personal cheque as a deposit. The seller accepts the offer on Friday. The buyer's associate is on vacation until the following Tuesday. When must the cheque be deposited into the trust account?
Answer options: ✅ By the end of business on Monday.
- By the end of business on Tuesday, when the associate returns.
- Within 1 business day of the buyer's associate returning to the office.
- Within 3 business days of the offer's acceptance.
Correct answer: By the end of business on Monday.
Explanation: RECA Rules, Section 59(1)(a) specifies that all money received in connection with a trade in real estate must be paid into the brokerage's trust account within one business day of receipt. The brokerage is responsible, not solely the associate.
Start free practice for Alberta Real Estate Licensing Exam Practice
400 questions · no signup required · 40 free questions per day
More about Alberta Real Estate Licensing Exam Practice
Related Questions
- A buyer is purchasing a property for $550,000. They have secured a mortgage for $440,000. What is the Loan-to-
- Commission in Alberta is:
- A real estate associate, Sarah, is representing a buyer. While showing a property, the buyer expresses a stron
- An associate prepares a listing agreement for a seller. Which of the following is NOT typically required to be
- A brokerage receives a certified cheque for a $15,000 deposit on a residential property. Within how many busin
- A real estate associate, Maria, wants to purchase a property that her brokerage has listed. What is Maria's pr
More for Alberta Real Estate Licensing Exam Practice candidates
Study guides
FAQs
Question explanations
- A buyer is purchasing a property for $550,000. They have secured a mortgage for $440,000. What is the Loan-to-
- Commission in Alberta is:
- A real estate associate, Sarah, is representing a buyer. While showing a property, the buyer expresses a stron
- An associate prepares a listing agreement for a seller. Which of the following is NOT typically required to be
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Alberta Real Estate Licensing Exam Practice Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.