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Trust Accounts: Definition & Management

Instructions:

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

question 1 of 3

What do we generally call the person who is entitled to money held in a trust account?

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1. Which of the following is not appropriate for the deposit into a broker's trust account?

2. A trust account should be set up with a financial institution insured by the ____.

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About This Quiz & Worksheet

Trust accounts are valuable security measures for many different people. This quiz/worksheet combo will check your knowledge of their purpose and how they're regulated.

Quiz & Worksheet Goals

These assessments will quiz you on the following:

  • A word describing the person entitled to funds from a trust account
  • What forms of income are appropriate for deposit into a trust account
  • Who should ensure the financial institution where a trust account is held
  • The circumstances in which a licensed salesperson may withdraw funds from their broker's trust account
  • Potential consequences for improperly maintaining a broker's trust account

Skills Practiced

This quiz and worksheet use the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on trust accounts
  • Information recall - access the knowledge you've gained regarding where trust accounts should be held
  • Knowledge application - use your knowledge to answer a question about the consequences for not handling an account properly

Additional Learning

You can expand your understanding of trust accounts by reviewing the lesson called Trust Accounts: Definition & Management. This lesson outlines the following:

  • How long a person has to deposit funds in a trust account in California
  • The frequency with which trust fund transactions should be recorded
  • Why someone in real estate might want to set up a trust account
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