Final answer:
A real estate broker in Minnesota must deposit collected rents into a trust or escrow account to safeguard the interests of those involved in the transaction. Option B.
Step-by-step explanation:
A real estate broker in Minnesota, like in most jurisdictions, is required by law to deposit collected rents into a trust or escrow account.
These accounts are used to hold funds on behalf of clients and are strictly monitored to ensure that the money is not used improperly. The trust or escrow account is meant to protect the interests of all parties involved in real estate transactions.
Individuals and business owners deposit money in banks because banks offer a safe place to store money, and often, the deposits will earn interest over time. A checking account is one such account used by individuals and businesses for daily transactions; it provides a means to safely deposit and withdraw money as needed, typically without incurring a fee per transaction.
A money order is a payment order for a pre-specified amount of money. It is a trusted method of payment used by individuals who might not have a checking account or prefer not to use personal checks. Money orders are used to pay bills when personal checks are not accepted or when a non-digital traceable payment is preferred.
S and L's (savings and loan banks) focus on accepting savings deposits and making mortgage and other loans. They are essential in helping individuals purchase homes and in promoting saving habits for financial security.
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services. So Option B.