Alberta Real Estate Licensing Exam Practice · Question
A real estate brokerage maintains a trust account. What is the maximum amount of the brokerage's own funds that can be held in the trust account to cover bank charges?
RECA Rules, Section 60(2) permits a brokerage to deposit and retain its own money in a real estate trust account up to a maximum of $1,000 to cover bank charges
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Question: A real estate brokerage maintains a trust account. What is the maximum amount of the brokerage's own funds that can be held in the trust account to cover bank charges?
Answer options:
- $500 ✅ $1,000
- $2,000
- No brokerage funds are permitted in the trust account.
Correct answer: $1,000
Explanation: RECA Rules, Section 60(2) permits a brokerage to deposit and retain its own money in a real estate trust account up to a maximum of $1,000 to cover bank charges or to maintain minimum balance requirements.
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