Question

A brokerage firm holding 4 earnest money deposits, and 15 security deposits for managed single-family residences must have a minimum of how many trust accounts?

Answer 1

at least 3 accounts

Step-by-step explanation:

Once a broker starts to manage at least seven properties, the broker needs to have at least two accounts: one for operating funds and the other for security deposits.

This brokerage firm should have at least three accounts, one for holding earnest money deposits and the other two for holding security deposits.

Some states require that brokers maintain one specific trust account for holding rent revenue from every single property that they manage.