Question

Which of the following types of funds is illegal to keep in a broker's trust account?

a) Rents on properties you are managing for others
b) Earnest money deposits
c) Security deposits on properties you are managing
d) Earned commissions

Answer 1

The funds that are illegal to keep in a broker's trust account include security deposits on properties you are managing and earned commissions, while rents on properties you are managing for others and earnest money deposits are usually allowed.

Step-by-step explanation:

Funds that are illegal to keep in a broker's trust account include security deposits on properties you are managing and earned commissions. Rents on properties you are managing for others, as well as earnest money deposits, are types of funds that are typically allowed in a broker's trust account.