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Brokerage Trust Account Requirements in Alabama Real Estate

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Why are real estate brokers required to have a trust account?

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1. What defines how brokers handle earnest money deposits?

2. What is one example of a way a broker can mishandle funds?

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About This Quiz & Worksheet

Test what you know about the trust account requirement for real estate brokers in the state of Alabama. This quiz will ask you questions about the reasons for the requirement, who sets the rules of regulation, as well as common mistakes and consequences for mishandling funds.

Quiz & Worksheet Goals

Questions in this quiz cover:

  • Why there are trust account requirement for real estate brokers
  • What determines the handling of earnest money deposits
  • One way that can brokers mishandle funds
  • The consequence of mishandled funds
  • Who pays the earnest money deposit

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about how the management of trust account funds is regulated
  • Information recall - access the knowledge you've gained about a common way a broker can mishandle these funds
  • Reading comprehension - ensure that you draw the most important information from the lesson that discusses the brokerage trust account requirement in Alabama

Additional Learning

To learn more about this topic, review the lesson called Brokerage Trust Account Requirements in Alabama Real Estate. This lesson discusses:

  • How quickly funds must be added to the trust account once received
  • Who is responsible for handling the trust account
  • Avoiding liabilities
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