Alberta Real Estate Licensing Exam Practice · Question
A buyer client, Mr. Chen, has provided a certified cheque for $15,000 as a deposit for a property. When must the real estate brokerage deposit this money into its real estate trust account?
RECA Rules Section 46(1) mandates that a brokerage receiving trust money must deposit it into a trust account no later than one business day (24 hours) after re
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Question: A buyer client, Mr. Chen, has provided a certified cheque for $15,000 as a deposit for a property. When must the real estate brokerage deposit this money into its real estate trust account?
Answer options:
- Within three business days of receiving it. ✅ No later than 24 hours after receiving it.
- Immediately upon receipt.
- At the discretion of the managing broker.
Correct answer: No later than 24 hours after receiving it.
Explanation: RECA Rules Section 46(1) mandates that a brokerage receiving trust money must deposit it into a trust account no later than one business day (24 hours) after receipt, unless specific conditions for holding are met, ensuring prompt and secure handling of client funds.
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