A buyer, Ms. Tremblay, makes a Promise to Purchase on a condo in Montréal for $450,000 and provides a deposit of $5,000. Ms. Tremblay's broker has properly identified her using a valid driver's license. Where should this deposit be held until the conditions of the Promise to Purchase are met and the deed of sale is signed?

Question: A buyer, Ms. Tremblay, makes a Promise to Purchase on a condo in Montréal for $450,000 and provides a deposit of $5,000. Ms. Tremblay's broker has properly identified her using a valid driver's license. Where should this deposit be held until the conditions of the Promise to Purchase are met and the deed of sale is signed?

Answer options: ✅ In the seller's real estate broker's trust account.

• In a joint bank account opened by the buyer and seller.
• In the buyer's real estate broker's trust account.
• Kept by Ms. Tremblay's broker in a secure safe at their office.

Correct answer: In the seller's real estate broker's trust account.

Explanation: According to Article 21 of the Regulation respecting brokerage requirements, professional ethics of brokers and the advertising of services, any deposit received by a broker in connection with a transaction must be deposited in their trust account held specifically for real estate transactions. Typically, this goes into the seller's broker's trust account as they represent the property.