Maria, a salesperson, is representing a buyer for a commercial property in Mississauga. The buyer plans to renovate the property extensively. Maria receives a cash deposit of $50,000 from the buyer to be held in trust. What is Maria’s immediate obligation regarding this cash deposit according to FINTRAC regulations?

Question: Maria, a salesperson, is representing a buyer for a commercial property in Mississauga. The buyer plans to renovate the property extensively. Maria receives a cash deposit of $50,000 from the buyer to be held in trust. What is Maria’s immediate obligation regarding this cash deposit according to FINTRAC regulations?

Answer options:

• Maria must deposit the funds into her brokerage's general operating account within one business day.
• Maria must immediately report this transaction to FINTRAC as a large cash transaction. ✅ Maria must promptly deposit the funds into her brokerage's real estate trust account and ensure the brokerage maintains appropriate records.
• Maria can hold the cash in a secure location within her brokerage office until the deal closes.

Correct answer: Maria must promptly deposit the funds into her brokerage's real estate trust account and ensure the brokerage maintains appropriate records.

Explanation: According to FINTRAC regulations and RECO's record-keeping requirements, all funds received in trust, including cash deposits, must be promptly deposited into the brokerage's real estate trust account. Large cash transactions (over $10,000) also require a specific report to FINTRAC within 15 days.